US fund accuses iron ore trader Radiant World of fraud in Swiss complaint
Mariner said it has been unable to recover any of the money it transferred to Radiant.
A US investment fund has filed a criminal complaint in Switzerland accusing iron ore trader Radiant World and affiliated companies of fraud and money laundering, according to a US court filing. The complaint, filed by Mariner Atlantic Multi-Strategy, adds a new jurisdiction to the trader's legal and financial crisis. Mariner is seeking documents from financial institutions for use in the Swiss proceedings.
In US court papers, Mariner's lawyers allege that Radiant World falsified commercial documents to secure financing and obtain funds from international lenders, including Mariner, through fictitious trades. Mariner claims it has been unable to recover the US$50 million (S$63.8 million) it transferred to Radiant World and is now seeking wire transfer and payment message records.
The Swiss complaint, filed on Sept 14 with the Geneva Public Prosecutor's Office, also names Sapphire Minmetals Corporation, Radiant World's local subsidiary, and founder Pinkesh Nahar. Mariner has requested a criminal investigation, searches of premises in Geneva, and seizures of bank accounts and other assets in Switzerland. Radiant World has denied wrongdoing.
The company is also facing civil lawsuits from Singapore to London over allegations of providing banks with falsified documents to secure financing. A Singapore court has appointed KPMG restructuring executives to manage Radiant World's operations.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- US Fund accuses trader Radiant World of fraud in Swiss complaint businesstimes.com.sg
- US Fund Accuses Trader Radiant World of Fraud in Swiss Complaint bloomberg.com
