Glencore has provisioned roughly $480 million against its net exposure to Radiant World, an iron ore and base-metals trader facing a broad commercial and financial freeze after authorities began examining allegations that it supplied invalid invoices or other documents to banks. Radiant World owes Glencore $951 million while Glencore owes Radiant $471 million, leaving a $480 million net balance; the totals include exposure to Sapphire Minmetals, which Glencore considers part of the same group although Sapphire's chairman has said the companies are separate. Glencore Chief Executive Officer Gary Nagle said the group halted new transactions, was seeking to exit remaining contracts and had recorded a provision, while Radiant has threatened legal action over disputed obligations and alleged that Glencore had a broader role in its business. Radiant, founded in the early 2000s by 45-year-old Indian national Pinkesh Nahar, denies the document allegations as inaccurate and unsubstantiated. Vitol Group, Cargill and Glencore have stopped or suspended business with Radiant, while banks and brokers have frozen accounts, credit lines and derivatives trading. Singapore Police, the U.S. Department of Justice and the Commodity Futures Trading Commission are examining the matter.