A Singapore court has appointed KPMG as interim judicial managers for Radiant World Corporation Pte, the main operating entity of the embattled commodities trader. This decision follows an application by Mizuho Financial Group Inc., which accused Radiant World of fraud and expressed serious concerns about the company's leadership. The court's ruling occurred on Thursday, September 24, 2026, after a hearing in Singapore. Radiant World's founder, Pinkesh Nahar, had argued against the appointment, claiming the company was solvent.
The appointment of judicial managers is a significant development, as Radiant World is currently facing multiple legal challenges and allegations of fabricating documents to secure financing. These accusations come from various lenders, including Mizuho, which alleged that Radiant World sent a fake email from Glencore purporting to confirm a nearly $100 million payment. LAM Trade Finance Group II, a Jefferies fund, has also accused Radiant World of "very serious, very large and very complicated fraud" and obtained a $499 million worldwide freezing order.
Radiant World's balance sheet, dated September 8, showed $1.007 billion in trade receivables, with $1.072 billion in total assets. However, a significant portion of these receivables, approximately $329 million, is reportedly owed by four obscure UAE firms, and another $298 million by companies closely connected to Radiant World itself. Major debtors listed include Glencore International AG ($150.4 million) and Vitol Asia Pte ($100.7 million), though Glencore has disputed its obligation and dismissed a Radiant lawsuit as "meritless." The company has revealed to Jefferies that it has very little cash remaining, significantly less than indicated in its previous annual accounts.
According to a spreadsheet included in a legal filing, Radiant World has about $870 million outstanding to six creditors. The largest exposures are held by Jefferies Financial Group Inc. and Intesa Sanpaolo SpA, followed by Deutsche Bank AG ($102.6 million), Mizuho Financial Group Inc. ($95.5 million), Mariner Investment Group ($48.6 million), and Incomlend Pte ($34 million). The judicial management process will now focus on the recovery of these substantial receivables and addressing the allegations of fraud that have gripped the global commodities industry.
Radiant World had previously claimed a rapid expansion, reporting monthly revenues of $1 billion in 2025, which recently fell to between $400 million and $500 million. The company has consistently denied wrongdoing. The case highlights broader concerns within the trade finance sector regarding the potential for fraudulent activities linked to fabricated documents.
