Radiant World table shows six lenders with US$870 million exposure

The latest public accounting by Radiant World reveals that six lenders have a combined exposure of US$870 million to the iron ore trader. The spreadsheet, included in a legal filing, identifies Jefferies Financial Group and Intesa Sanpaolo as the two largest creditors, followed by Deutsche Bank, Mizuho Financial Group, Mariner Investment Group, and Incomlend.

The disclosure indicates that lenders under traditional commodity trade finance and repo facilities have been repaid, while those under receivables financing facilities remain owed significant sums. Two institutions under receivables financing have accused Radiant World of providing falsified documents in legal proceedings, accusing the trader of involvement in a "very large scale fraud."

However, Radiant World denies any wrongdoing, stating the allegations are part of a commercial dispute with Glencore. The spreadsheet, attached to an affidavit by Radiant World founder Pinkesh Nahar, covers its main Singapore entity but omits related companies like Sapphire Minmetals and Quanterra International. Out of 19 non-receivables facilities listed, only KBC Group's US$18 million letter of credit remains outstanding, a matter KBC spokesperson claims has no exposure.

Radiant World's financial position, as reported on Sep 8, shows total liabilities of US$599 million, with US$282 million in trade and payables and US$316 million in borrowings.