Singapore police looking into iron ore trader Radiant World
Firm has come under scrutiny from counterparties in recent weeks because of concerns about invoices provided to its banks
Singapore police are investigating iron ore trader Radiant World following reports of allegedly falsified documents. No further details on the inquiry were available. The company has faced pressure from its counterparties and creditors, who have severed ties due to concerns over the documents. Vitol Group and Cargill reportedly stopped trading with Radiant World, and creditors are reviewing their exposure.
The US Justice Department and the Commodity Futures Trading Commission are also probing transactions involving the company and its creditors. The Financial Conduct Authority in the UK is monitoring developments, while the company has denied any wrongdoing and maintains it adheres to "highest commercial and legal standards."
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- Singapore Police Begin Looking Into Trader Radiant World bloomberg.com
- Singapore police begin looking into iron ore trader Radiant World: Bloomberg businesstimes.com.sg
