Obscure UAE firms hold key to Radiant World’s US$1 billion in assets

Radiant World, a commodity trader, claims to be owed a total of US$1.007 billion by various entities, according to its balance sheet dated September 8. This includes trade receivables from over 30 companies, making up 94% of its total assets. Four UAE-based companies - Milla Sky Trading, Thinkertech General Trading, Fly Horse General Trading, and Bigbubble General Trading - rank at the top of this list, owing Radiant World a combined US$329 million.

However, attempts to contact these entities yielded no response or confirmed that they do not owe Radiant World any money. Milla Sky Trading, though still listed as owing US$76 million, has reportedly stopped trading a year ago and its registered representative, Hassan Ahmad Shihan, has never heard of Radiant World. Similarly, Fly Horse General Trading's business license lists an address in the same shared office space in Ajman as Milla Sky Trading, but no employees were found during Bloomberg's visit.

Thinkertech's license expired last year, and its contact information could not be verified. Bigbubble's license lists two incomplete addresses, leading to no successful location of their offices.

The largest asset, listed as Glencore International AG, is disputed as Radiant World has been sued for fraud, with Glencore claiming to have settled their debts. Other large debtors include Vitol Group and Gunvor Group, both of which have stated they do not believe they owe Radiant World anything. The financial position of Radiant World remains a crucial element in the ongoing controversy surrounding the company's operations and future.