Singapore police raid iron ore trader Radiant World over fake document claims

Last week, Singaporean police conducted a raid on the local office of iron ore trader Radiant World, according to sources familiar with the situation. The inquiry stems from investigations into the company's transactions following concerns raised by some counterparties regarding potentially falsified documents. Major commodity traders have severed ties with Radiant World due to fears that the firm provided invalid invoices or other documents to its banks, it has been reported.

A spokesperson for the Singapore police stated that the investigation is ongoing, and additional details are not yet available. Radiant World also declined to comment on the matter. The company stated that it is cooperating with the relevant authorities and would not comment further while the process is ongoing. They also emphasized that they would not pursue litigation through the media.

The Singapore police confirmed that they initiated the investigation on Thursday after receiving reports against Radiant World, without disclosing the identity of the complainants. The U.S. Justice Department and the Commodity Futures Trading Commission are also examining transactions involving Radiant World and its creditors, as previously reported by Bloomberg. It is important to note that Radiant World has not been accused of any wrongdoing, and investigations do not always culminate in charges.

The company has previously denied any wrongdoing and reaffirmed its commitment to conducting business with the highest commercial and legal standards. However, with the current subscription plan, readers are unable to comment on this story. To provide a comment, one must first create a display name in the Profile section of their subscriber account page. The details about the subscription plan not allowing commenting are provided in the source's FAQ.