Singapore police raid Radiant World office as probe widens

Singapore police conducted a raid on the local office of iron ore trader Radiant World last week, questioning some of the company's employees, according to people familiar with the matter. This action is part of an ongoing investigation into the company's transactions, following reports from some counterparties who raised concerns about allegedly falsified documents.

Several major commodity traders have severed ties with Radiant World due to concerns that the company provided invalid invoices or other documents to its banks, according to Bloomberg. The Singapore police's spokesperson stated that the investigations are ongoing and no additional details are available at this time. Radiant World, for its part, declined to comment on the matter.

In response to questions for this article, Radiant World's spokesperson stated that the company is cooperating with the relevant authorities and would not comment further while those processes are ongoing. They also clarified that they would not pursue any legal action through the media.

The Singapore police confirmed that they initiated the investigation on Aug 20, noting that reports had been lodged against the trader without specifying who lodged the complaints. It is important to note that the US Justice Department and Commodity Futures Trading Commission are also probing transactions involving Radiant World and its creditors, as previously reported by Bloomberg.

Radiant World has not been accused of any wrongdoing, and investigations do not always result in charges. The company has previously denied any wrongdoing and emphasized that it operates to the highest commercial and legal standards.