Radiant World and Sapphire Minmetals cut more staff amid fraud claims

Radiant World and Sapphire Minmetals, two iron ore traders facing fraud allegations and a $499 million freezing order, have made further job cuts across their offices in Asia and Europe. Radiant World has lost almost half its China and Singapore iron ore traders, while Sapphire Minmetals has also reduced operations in China and Singapore. Sapphire chairman Rakesh Sethi said he is pausing new trading business while he addresses the companies' legal disputes.