{
  "id": 6889235,
  "title": "Singapore court freezes up to US$499m in Radiant World assets, caps founder’s spending at £4,000 a week",
  "url": "https://urgent.news/2026/09/12/singapore-court-freezes-up-to-us-499m-in-radiant-world-assets-caps",
  "topic": "world",
  "section": "World",
  "published": "2026-09-12T08:03:43.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail-malaymail",
    "url": "https://www.malaymail.com/news/singapore/2026/09/12/singapore-court-freezes-up-to-us499m-in-radiant-world-assets-caps-founders-spending-at-4000-a-week/234956"
  },
  "original_language": "en",
  "account": "Singapore's judiciary has placed a global freeze on up to US$499.2 million in assets tied to iron ore trader Radiant World, while also capping founder Pinkesh Nahar's weekly living expenses at £4,000. These measures, revealed in unreported court filings, stem from a worldwide freezing order issued by a London court. Sapphire Minmetals Corporation Ltd and its chairman Rakesh Sethi are also under the order, with Sethi similarly restricted to a £4,000 weekly budget. Jefferies subsidiary Point Bonita, a fund managed by Jefferies, is suing Radiant World Corporation Pte Ltd, the firm's principal Singapore operating entity, its Hong Kong subsidiary Radiant World Holding Ltd, Nahar, Sapphire Minmetals, and Sethi. The lawsuit claims Radiant World falsified iron ore invoices in a \"fraudulent scheme\" worth over US$500 million. In the UK proceedings, Jefferies alleges the defendants attempted to remove, dispose of, or dilute the value of assets in Singapore worth up to US$499.2 million. The Asian jurisdiction's order prohibits the defendants from removing, disposing of, or reducing the value of these assets. However, they may make reasonable payments for legal fees and continue managing their affairs in the normal course. Radiant World maintains it adheres to the highest commercial and legal standards. Singapore police raided the firm's office last month and are probing the company, Bloomberg reported. The region boasts a significant presence for Radiant World, with its main operating unit incorporated there.",
  "summary": "SINGAPORE, Sept 12 — A Singapore court has frozen up to US$499.2 million (RM2.04 billion) in assets linked to iron...",
  "key_points": [
    "Singapore court freezes up to US$499.2m in Radiant World assets",
    "Founder Pinkesh Nahar's weekly spending capped at £4,000",
    "Jefferies subsidiary sues Radiant World over alleged fraud"
  ],
  "editors_take": "The court-ordered asset freeze and spending cap signify a major escalation of the fraud allegations against Radiant World and its executives, limiting their financial maneuverability amid a lawsuit claiming over $500 million in losses.",
  "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."
}