Singapore’s police have launched an investigation into iron ore trader Radiant World after receiving multiple reports concerning the company. This action follows probes already initiated by US authorities, specifically the US Justice Department and the US Commodity Futures Trading Commission, which are examining transactions and trades involving Radiant World and its creditors.
The scrutiny on Radiant World intensified after Bloomberg reported that several major commodity traders, including Vitol Group and Cargill, had ceased trading with the firm due to concerns over allegedly falsified documents. These allegations have led to significant pressure on Radiant World, with creditors reportedly reviewing their exposure to the company.
In addition to trade suspensions, some of Radiant World's financial operations have been impacted. Deutsche Bank and KBC Group have reportedly frozen some of the company's Singapore bank accounts, while other lenders have suspended credit lines. Commodities broker Marex Group has also frozen all of Radiant World's accounts following these allegations, which involve claims that the iron ore trader used invalid invoices to raise funds.
Radiant World, a firm founded by Pinkesh Nahar with offices in Singapore, Dubai, Shanghai, London, Geneva, Connecticut, and Mumbai, reportedly trades over 80 million tonnes of iron ore annually, valued at more than $7.5 billion. Amidst the ongoing investigations and withdrawal of credit, the company has reportedly laid off some operations staff. Radiant World, however, has stated that it conducts its business to the highest commercial and legal standards and denied being aware of any US investigations.
