Although the specific article with the headline "Obscure UAE Firms Hold Key to Radiant’s $1 Billion in Assets" was not directly found through the web search, related news suggests a significant investigation into Radiant World, a troubled commodity trader. A Jefferies trade finance fund, LAM Trade Finance Group II, has raised serious doubts about the veracity of over $1 billion in receivables on Radiant World’s books, alleging a "very serious, very large and very complicated fraud." This has led to a worldwide freezing order against two Radiant World companies, Hong Kong-based Sapphire Minmetals, and their founders, secured on August 27.
Radiant World, whose main Singapore entity disclosed current assets of more than $1 billion primarily in trade receivables, has been accused by LAM, Glencore, and Mizuho of fabricating invoices, emails, and other documentation to secure or maintain financing. A London court has bolstered the freezing order, requiring the companies to notify LAM of any payments exceeding $500,000, overruling objections that this would disrupt commodity trading. Justice Andrew Henshaw found a "real risk" that Radiant World, its founder Pinkesh Nahar, and Sapphire Minmetals have not fully disclosed their assets.
Despite claims by Radiant World's lawyer that its monthly revenue in 2025 was around $1 billion, recently falling to between $400 million and $500 million, the company reported having only $10,000 in cash in an affidavit filed on September 9, a drastic decrease from $200 million at the end of September 2025. The Jefferies fund claims it uncovered that many documents supporting unpaid receivables were falsified. Radiant World denies these allegations, stating it conducts business to the highest standards and expects to be vindicated.
