Mizuho files case against Radiant World in Singapore court

Mizuho Bank has initiated legal proceedings against Radiant World in Singapore's Supreme Court, marking the first time a lender has taken legal action against the iron ore trader since Bloomberg News raised concerns in July. The Japanese bank is seeking an injunction against Radiant World Corp., the primary operating entity of the Radiant World group, implying an attempt to prevent certain actions by the company.

The hearing is scheduled for August 28 at the beginning of the day and pertains to corporate insolvency. Mizuho has declined to comment on the matter, while Radiant World has not yet responded to requests for information. The bank maintains a position as a creditor of Radiant World Corp., and Bloomberg reported on August 27 that multiple banks have been informed that some invoices supporting their exposure to Radiant World are not authentic.