Mizuho Bank reportedly provided a $100 million credit facility to iron ore trader Radiant World in June, which was secured by invoices that a counterparty later deemed invalid. This allegation is part of a broader pattern of fraudulent activities attributed to Radiant World.
Glencore Plc has accused Radiant World of submitting falsified invoices and contracts, as well as fabricating emails, to numerous financial institutions. These fabricated documents were falsely claimed to have originated from Glencore personnel. As a result, Glencore has ceased all business dealings with Radiant World and is conducting a review of its historical transactions with the company and its affiliates.
Separately, Incomlend Pte., an invoice financing platform, filed a lawsuit alleging that Radiant World used already-paid invoices and fake contracts to raise $31.7 million. This lawsuit represents the first detailed accusation of fraud from a lender against Radiant World. Concerns about Radiant World's provision of falsified documents to banks to secure financing were first reported in July, leading several major commodity firms to cut ties with the company.
Adding to the controversy, a senior Glencore executive reportedly advised Radiant World counterparts against communicating via email, urging them to "Say nothing on email" in WhatsApp messages from early April 2025. This executive, Peter Hill, also highlighted Glencore's significant backing of Radiant World and implied he had ultimate decision-making authority over various aspects of Radiant World's trading activities between 2023 and 2025.
