Singapore authorities begin looking into iron ore trader Radiant World
US authorities are also looking into counterparty concerns that it provided banks with falsified documents.
Singapore authorities have initiated an investigation into iron ore trader Radiant World following complaints received on Aug 20, according to a spokesperson. The company's spokesperson was not immediately available for comment outside European working hours. The US Justice Department and the Commodity Futures Trading Commission are probing the company's business due to concerns over falsified documents provided to banks for iron ore trades, according to sources familiar with the situation.
So far, Radiant World has not been charged with any wrongdoing and investigations do not always result in legal actions. The company informed Bloomberg that it had not been informed of any US investigations. The police have confirmed to The Straits Times that complaints were lodged and they are currently examining the matter.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
