Singapore begins probe into ore trader Radiant World
The police force probe is being conducted alongside a US justice department investigation into transactions involving the company.
Singapore's police force has initiated an investigation into the iron ore trader Radiant World, following reports received by the force, according to a spokesman on Thursday. The exact details of the investigation and its timeline have not been disclosed yet. A representative from Radiant World was not available for comment outside of European working hours.
In recent weeks, the company has faced pressure as some of its counterparties and creditors have distanced themselves due to concerns over supposedly falsified documents. Bloomberg reported that Vitol Group and Cargill Inc. had ceased trading with Radiant World, while creditors were reviewing their exposure.
The US Justice Department and the US Commodity Futures Trading Commission are also probing transactions linked to Radiant World and its creditors, according to sources familiar with the matter. Radiant World has not been charged with any wrongdoing, and investigations do not always result in charges. The company informed Bloomberg last week that it had not been apprised of any US investigations.
Radiant World, which has a trading hub and office in Singapore, is not widely known outside the industry. Its founder, Pinkesh Nahar, is listed in public documents as a resident of the city-state.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Singapore begins probe into ore trader Radiant World freemalaysiatoday.com
