{
  "id": 2342337,
  "title": "Radiant World under US, S’pore probes: More about the iron ore trader and global fallout",
  "url": "https://urgent.news/2026/08/21/radiant-world-under-us-spore-probes-more-about-the-iron-ore-trader",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-21T08:30:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/companies-markets/radiant-world-under-us-spore-probes-more-about-the-singapore-iron-ore-trader-and-global-fallout"
  },
  "original_language": "en",
  "account": "Singapore-based commodities trader Radiant World has recently faced scrutiny from major international banks and trading houses, who have distanced themselves from the firm due to concerns over invoices provided to lenders. The company, which claims to be one of the world's largest iron ore traders by volume, has denied any wrongdoing and stated that it remains well-capitalised with healthy liquidity. However, their corporate office at 6 Battery Road was found to be operational but with no staff present during a visit from The Straits Times on August 20.\n\nRadiant World's rise to prominence has been described as \"breakneck\" by Bloomberg, with its iron ore volumes growing almost tenfold over the past decade. The company is now expected to trade 65 million to 70 million tonnes of iron ore in 2025, putting it on par with the 75 million tonnes traded by Glencore in 2024. This sudden growth has led to investigations by the US Department of Justice, the US Commodity Futures Trading Commission, and the UK authorities, with several lenders reportedly suspending credit lines and freezing bank accounts.\n\nThe situation has resulted in major iron ore miners, such as Rio Tinto and Vale, and trading houses like Vitol Group, Cargill, and Glencore, ceasing all business with Radiant World. Two of the three major trading houses that had dealings with the firm have reportedly found the company's invoices invalid. While Mizuho, Societe Generale, Deutsche Bank, Barclays, and Macquarie have declined to comment, sources suggest that Macquarie's credit facility to Radiant World has already matured.\n\nEstablished by Pinkesh Nahar in the early 2000s, Radiant World generated a revenue of US$9.6 billion and a net profit of US$140.9 million in the 2025 financial year. The firm employs over 100 people worldwide, with offices in seven countries, including China, the United States, India, and the United Kingdom. However, Reuters reported that the company has laid off some operations staff recently.",
  "summary": "The police confirmed to ST that reports have been lodged against Radiant World.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}