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

Singaporean authorities conducted a raid on the Singapore office of iron ore trader Radiant World last week, questioning several of the company's employees, according to sources familiar with the situation. The investigation stems from concerns raised by counterparties regarding allegedly falsified documents. High-profile commodity traders have severed ties with the company due to doubts over the validity of invoices and other documents provided to its banks.

The Singapore police have stated that their investigation is ongoing and have not released further details at this time. Radiant World has declined to comment on the matter, but the company stated that it is cooperating with the authorities and would not comment further while the process continues. The firm also announced that it would not use media channels to litigate its affairs.

The Singapore police confirmed they initiated an investigation into Radiant World on Thursday, indicating that reports had been lodged against the trader, though they did not specify who filed the complaints. Both the US Justice Department and the Commodity Futures Trading Commission are also investigating transactions involving Radiant World and its creditors.

Radiant World has not been directly accused of any wrongdoing, and investigations do not always culminate in charges. The company has a history of denying allegations of wrongdoing, asserting that it adheres to the highest commercial and legal standards. Commodity broker Marex Group has frozen all Radiant World accounts following allegations that the iron ore trader utilized invalid invoices to secure funding. Additional reporting by Reuters.