Singapore judge raises doubts iron ore trader Radiant World is owed over $1.3b
Radiant World, battling creditor demands, was placed under interim judicial management on Sept 24.
A Singapore judge has expressed skepticism over the claims of iron ore trader Radiant World, which asserts it is owed over US$1 billion from customers. According to a court filing, Judge Kristy Tan cited concerns over an alleged "pattern of fraudulent conduct" by the company. Radiant World is currently under interim judicial management following its appointment by the High Court on September 24, as it battles demands from creditors.
The judge's decision, which grants Mizuho Bank's application, reignites a saga that has impacted the global commodities industry. Tan affirmed that she "placed little weight" on the company's claims of US$1 billion in trade receivables, stating that there is an urgent need for an investigation into the company's affairs due to the prima facie pattern of fraudulent conduct.
Radiant World has denied all wrongdoing, while Mizuho Bank has also declined to comment. The judge pointed to over US$210 million in claims from companies related to Radiant World or unrelated entities, raising questions about the accuracy and realisability of these assets. Additionally, the judge rejected Radiant World's claim against Glencore for approximately US$2 billion, deeming it "pure speculation" and unlikely to be resolved within 12 months.
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