Singapore judge raises doubts iron ore trader Radiant World is owed US$1 billion
A Singapore judge has cast doubt on Radiant World's claim of being owed over US$1 billion from customers, citing concerns over a pattern of fraudulent conduct. The High Court appointed KPMG restructuring executives to take charge of the business, following an application by Mizuho Bank. The decision, granted on Sep 24, follows a saga that has affected the global commodities industry.
Judge Kristy Tan concluded that the company was or likely to become unable to pay its debts. She expressed little weight on Radiant World's US$1 billion claim, describing it as a prima facie pattern of fraudulent conduct on the part of the company's management. Tan highlighted that over US$210 million allegedly owed by Aspira Co, Sapphire Minmetals Corporation, and Quanterra International were related to Radiant World, raising questions about the accuracy and realisability of these assets.
The judge also rejected Radiant World's claim against Glencore for about US$2 billion as pure speculation and unlikely to be resolved within 12 months.
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