Radiant World and its affiliated iron ore trading company Sapphire Minmetals have implemented significant workforce reductions across Asia and Europe as the companies face mounting legal pressures and operational constraints. According to Bloomberg reporting on September 15, 2026, Radiant World has lost nearly half of its iron ore trading staff in China and Singapore. The company has also experienced departures from its offices in London and Geneva, with some employees dismissed while others have resigned.
Sapphire Minmetals has similarly reduced its workforce in China and Singapore. The job cuts follow a $499 million worldwide asset freezing order issued by a London court. The freezing order was granted at the request of a fund managed by Jefferies Financial Group, which has alleged that Radiant World and Sapphire Minmetals engaged in fraudulent practices involving falsified iron ore invoices.
These operational challenges, including mounting lawsuits, frozen assets, and the loss of trading partners, have created significant pressure on both companies' ability to maintain their previous staffing levels and business operations.
Source: mining.com