Radiant World table shows six lenders with US$870 million exposure
This is the first comprehensive accounting to be made public of lenders’ exposure to the iron ore trader
The first comprehensive accounting of Radiant World's exposure to its lenders has been disclosed, revealing a total of US$870 million in outstanding debt. According to the spreadsheet attached to an affidavit from Radiant World's founder, Pinkesh Nahar, two of the largest lenders are Jefferies Financial Group and Intesa Sanpaolo.
Other lenders include Deutsche Bank, Mizuho Financial Group, Mariner Investment Group, and Incomlend. The spreadsheet shows that lenders under traditional commodity trade finance and repo facilities have been repaid, while lenders under receivables financing facilities are still owed substantial amounts. Jefferies has accused Radiant World of providing falsified documents, but the company has denied these claims, stating the allegations stem from a commercial dispute with Glencore.
Only one of the 19 non-receivables facilities listed, a KBC Group letter of credit facility, has an outstanding US$18 million exposure, which is reportedly in the process of being settled.
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Also reported by 2 other outlets
- Radiant World table shows six lenders with US$870 million exposure businesstimes.com.sg
- Radiant World table shows six lenders with $1.1 billion exposure straitstimes.com
