Vitol, Cargill, Glencore cut ties with Radiant World - report

The Bloomberg report said at least two creditors, Italy's biggest bank, Intesa Sanpaolo ISP.MI and Jefferies Financial Group's JEF.N Point Bonita fund, are reviewing their exposure to Radiant World.

Jefferies and Vitol declined to comment. Cargill did not immediately respond to a request for comment.

Glencore is monitoring the situation very carefully and is not entering into any new business with Radiant World, a source familiar with the matter told Reuters.

An Intesa spokesperson told Reuters that it had booked provisions on an exposure worth €200 million ($230 million) to Radiant World. The position with Radiant World is now largely covered, the spokesperson said, adding there is no impact on the bank's 2026 net profit, for which Intesa provided new guidance on Wednesday.

Jefferies has trade-finance-related exposure of about $300 million to Radiant World through its Point Bonita fund, a source familiar with the matter told Reuters.

Jefferies is investigating the matter, is taking no provisions and expects to get paid, the source said. If there are losses it is manageable for the firm, the source said.