Bloomberg News reported that Vitol Cargill and Glencore have cut their ties with RadiantWorld

Bloomberg News reported that Cargill and Vitol have stopped doing business with Radiant World, one of the world's largest iron-ore traders. Glencore has also stopped new business with Radiant World.

The report cited people who were familiar with the matter as saying that two of the trading houses had seen invoices or other documents that Radiant World provided to its banks which were not valid. Bloomberg reported that the third trading house pulled out of the deal after being informed about concerns regarding falsified documents.

Bloomberg reported that at least two creditors are reviewing their exposure to the company. These include Italy's largest bank Intesa Sanpaolo, and Jefferies Financial Group Point Bonita Fund.

Intesa's spokesperson said that the lender had booked provisions for an exposure of?EUR200?million ($230?million) to RadiantWorld.

Radiant's position is now largely covered and the new 2026 guidance from?Intesa for its net profit is not affected, said the?spokesperson. ($1 = 0.8707 euro) (Reporting and editing by Joe Bavier, Louise Heavens and Kanjyik Za)

(source: Reuters)