Mizuho files case against Radiant World in Singapore court
Some banks have frozen Radiant World's accounts and trading houses have severed ties on concerns the commodity trader had supplied invalid invoices to raise financing.
Mizuho Bank has initiated legal proceedings against Radiant World's Singapore arm in the city-state's Supreme Court, according to the court's website. The banking subsidiary of Mizuho Financial Group is requesting an injunction against Radiant World Corporation. Reuters found no prior public legal action against Radiant World by its creditors.
Some banks have frozen the company's accounts, and trading firms have severed relationships due to concerns over Radiant World allegedly providing false invoices to secure financing. The police confirmed that reports of the matter have been filed, and investigations are underway. The court listing did not specify the exact terms of the sought injunction.
Mizuho Bank declined to provide further comment. Radiant World's representative did not respond to requests for comment outside U.K. business hours. In July, the company stated that the allegations against it were inaccurate and unsubstantiated. Radiant World, founded by Pinkesh Nahar in the early 2000s, trades over 80 million metric tons of iron ore annually.
Deutsche Bank and KBC Group have frozen some of Radiant World's Singapore bank accounts, while other lenders have suspended credit lines.
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