Court case filed in Singapore against one of world's largest iron traders
Japan's Mizuho Bank has filed a case against the Singapore operating entity of iron ore trader Radiant World, one of the world's largest iron traders, in the city-state's Supreme Court.
Mizuho Bank, a subsidiary of Mizuho Financial Group, has initiated legal proceedings against Radiant World Corporation, one of the world's largest iron traders. The court listing indicated an injunction request, though specifics were not disclosed. No other instances of public legal action by Radiant World creditors were found. Several banks have frozen Radiant World's accounts, and trading partners have severed ties due to concerns over the company's use of invalid invoices to secure financing.
Singapore Police confirmed that reports have been lodged and investigations are underway. In July, Radiant World denied the claims, stating they were inaccurate and unsubstantiated. The company, founded by Pinkesh Nahar in the early 2000s, trades over 80 million metric tons of iron ore annually. Deutsche Bank and KBC Group NV have also frozen some of Radiant World's Singapore bank accounts, with other lenders suspending credit lines, according to Bloomberg News in early August.
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- Mizuho files Singapore court case against Radiant World in first public lender action: Bloomberg businesstimes.com.sg
- Iron ore trader Radiant World and its founder sued in Singapore for US$34 million straitstimes.com
- Mizuho files case against Radiant World in Singapore court japantimes.co.jp
- Radiant World and Its Founder Sued in Singapore for $34 Million bloomberg.com
