Deutsche Bank and KBC freeze some of Radiant World’s Singapore bank accounts, sources say
Major miners also moved to cut ties with the iron ore trading house, sources said.
Singapore – Due to concerns over falsified documents regarding iron ore trades, Deutsche Bank and KBC Group have frozen some of Radiant World's Singapore bank accounts. Other banks have also suspended credit lines, according to people familiar with the matter. Rio Tinto Group and Vale, two of the world's largest miners, have severed ties with Radiant World, which has led to a decline in iron ore prices to their lowest level in over a year.
Radiant World, a private company that became one of the largest iron ore traders in recent years with annual revenues of approximately US$12 billion, maintains that it is well-capitalized and continues to meet its obligations. The company's rapid growth and significant role in the iron ore market have put it at the center of a network of trade relationships involving top miners, traders, and steelmakers.
Despite its central role, several of Radiant World's banks have terminated their dealings with the company due to ongoing compliance reviews.
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