Deutsche Bank, KBC Freeze Some Radiant World Funds in Singapore
Radiant World is under growing pressure after two of its key banks froze its funds and major miners moved to cut ties with the iron ore trading house.
Deutsche Bank and KBC Group have frozen some of Radiant World's Singapore bank accounts amid concerns over falsified documents related to iron ore trades. The private company, which once had annual revenues of about US$12 billion, now faces pressure after two major miners, Rio Tinto Group and Vale, severed ties with Radiant World.
Arab Bank Switzerland and ICBC Standard Bank have also halted new letters of credit and repo financing, respectively. The uncertainty has already impacted the iron ore market, with prices falling to their lowest in over a year. Radiant World maintains it is well-capitalized and continues to meet its obligations to partners.
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Also reported by 1 other outlet
- Deutsche Bank, KBC freeze some Radiant World funds in Singapore businesstimes.com.sg
