Singapore court appoints KPMG to manage trader Radiant World
The decision marks a significant escalation in the crisis surrounding the iron ore trader.
A Singapore court named KPMG's restructuring experts to oversee Radiant World, granting application from creditor Mizuho Bank accusing the trader of alleged fraud related to iron ore receivables. KPMG executives Toh Ai Ling, Adrian Chan, and Tan Yen Chiaw will assume interim judicial management of Radiant World Corporation, the trader's major operating entity in Singapore, according to sources familiar with the court's decision.
Under judicial management, an independent overseer is appointed by the court to stabilize a financially distressed company, aiming to restore operations or negotiate a compromise with creditors. Interim judicial management is typically employed by creditors to safeguard assets. KPMG, Mizuho, and Radiant World have not yet commented on the decision.
Mizuho's legal team at Shook Lin & Bok also declined to comment. The September 24th ruling marks a major escalation in the crisis surrounding Radiant World, once a key player in the iron ore trade. Mizuho is suing the trader for US$97.3 million (S$124.5 million) in alleged receivables stemming from iron ore sales to Glencore International AG, as per court documents obtained by Bloomberg News. The bank has had strong grounds to suspect fraud, the bank later revealed.
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