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KEY POINTS
- Glencore suspended Peter Hill pending an internal review.
- Hill oversaw the company’s relationship with Radiant World.
- The review follows scrutiny of dealings with the iron ore trader.
Glencore has suspended a senior executive Peter Hill who oversaw its relationship with troubled iron ore trader Radiant World as the commodities giant reviews its dealings with the company.
Hill, Glencore’s head of trading for steelmaking raw materials, including iron ore and coking coal, has been suspended from his duties pending the outcome of an internal review, according to a person familiar with the matter.
The person, who asked not to be identified because the matter is not public, said Hill had led Glencore’s relationship with Radiant World.
The suspension comes days after Glencore announced that it was reviewing its dealings with the embattled iron ore trader, adding another development to a widening dispute involving Radiant World and its business relationships.
Glencore has not publicly disclosed the findings of the review or indicated whether Hill’s suspension is connected to any specific allegation of wrongdoing.
Review follows scrutiny of Radiant World dealings
Radiant World has faced increasing scrutiny over its iron ore trading activities, with its business relationships and financial dealings coming under examination.
The company has previously been linked to a legal dispute involving claims over allegedly falsified documents and invoices. Glencore has said it has evidence that Radiant World and associated companies sent falsified invoices, contracts and fabricated emails purporting to come from Glencore employees to financial institutions.
Glencore has maintained that it suffered losses and faced risks as a result of the alleged conduct and has said it would take appropriate action.
The commodities company has also said it stopped all business with Radiant World and exited its outstanding obligations with the trader.
Glencore faces questions over internal controls
Hill’s suspension places greater attention on how Glencore managed its relationship with Radiant World and the internal controls surrounding its trading operations.
Hill is a senior figure within Glencore’s commodities business and oversees trading in key steelmaking raw materials. His responsibilities include markets that are central to the company’s global commodities operations.
The review is expected to examine the circumstances surrounding Glencore’s dealings with Radiant World and whether its internal processes adequately identified or addressed potential risks.
The company has not said how long the review will take or whether further employees could face disciplinary action.
Radiant World has previously disputed allegations surrounding its activities. The broader dispute remains subject to ongoing legal and corporate scrutiny.
The development underscores the risks faced by major commodities traders when dealing with complex networks of trading companies, financial institutions and counterparties across international markets.
