South African billionaire Ivan Glasenberg has lost $1.3 billion in two weeks as shares of Glencore, the Swiss mining and commodities giant in which he remains the largest shareholder, have tumbled amid a widening legal dispute with longtime trading partner Radiant World over allegations of fraudulent invoices and contracts.

Glasenberg, 69, saw his fortune fall from $15.4 billion on Sept. 8 to $14.1 billion, according to the Bloomberg Billionaires Index. The decline reflects the weaker value of his Glencore stake, which has fallen below $10 billion to $9.09 billion as the company’s shares retreat in London.

Glasenberg owns 10.39 percent of Glencore and received about $207.3 million from the company’s $2.24 billion dividend payout for 2025. His recent wealth decline mirrors a 10.4 percent drop in Glencore shares as investors digest the company’s decision to sever ties with Radiant World and its allegations of financial misconduct.

Glencore alleges fraud

The dispute centers on Glencore’s accusation that Radiant World and affiliated companies submitted falsified invoices, contracts and emails to financial institutions while claiming the documents came from Glencore personnel. The Swiss giant said it uncovered “confirmed evidence” of the alleged misconduct and has moved to end its exposure to the businesses.

Radiant World and 10 related companies have responded with a $2 billion lawsuit in Singapore, alleging that Glencore breached contractual commitments when it abruptly ended the relationship. The claim, filed Sept. 15, targets three Glencore operating units and spans trading operations connected to Singapore, Hong Kong, the United Arab Emirates and Switzerland.

A preliminary conference in the Singapore case is scheduled for Oct. 21, according to court filings. Rakesh Sethi, chairman of Sapphire Minmetals, said the company and Radiant World are working together on the claim. Radiant World declined to comment on his remarks, while a Singapore representative did not immediately respond to inquiries.

Lawsuit raises stakes

Radiant World and Sapphire Minmetals allege Glencore breached contracts by ending their relationship, while Glencore calls the claims meritless. Glencore has already booked a $480 million loss tied to its exposure and is reviewing its dealings with the companies.

The relationship included extensive trading, credit support and warrants giving Glencore an option to acquire equity. It fractured after lenders raised concerns over Radiant World invoices bearing Glencore’s name. By July, rival commodity firms had withdrawn credit lines. Radiant World denies wrongdoing.

Fallout spreads beyond Singapore

The fallout has spread beyond the Singapore proceedings. Incomlend, a Singapore-based trade finance company, sued Radiant World after lending against Glencore-related paperwork that it said proved questionable. The dispute also reached London, where Jefferies Financial Group alleged a “fraudulent scheme” involving fabricated iron ore invoices.

A London judge subsequently imposed a $499 million global asset freeze on Radiant World and Sapphire Minmetals, underscoring the broader financial exposure surrounding the dispute. For Glencore shareholders, the litigation adds another source of uncertainty to a stock decline that has already erased billions of dollars from the value of Glasenberg’s stake.