A suspected fraud case is shaking the commodity trade: The Swiss network of Radiant World comes to light
Singapore commodities trader Radiant World is suspected of falsified documents. The case has repercussions extending to the Zurich Cantonal Bank and commodities giant Glencore.
Radiant World, a Singapore-based commodities trader, is under suspicion of submitting fake documents to secure financing for its business. The company, which has grown rapidly since its founding in 2003 by Pinkesh Nahar, has had dealings with several Swiss banks, including Zürcher Kantonalbank (ZKB) and Crédit Agricole's Swiss arm.
ZKB reportedly provided Radiant World with a $100 million credit line, although the bank declined to comment on the matter. The company's business partners, including Vitol and Glencore, have begun to distance themselves from Radiant World, with Glencore stating it will no longer enter into new deals with the company and is working to exit existing contracts.
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
