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SINGAPORE: Singapore’s police force said on Thursday (Aug 20) it has received reports about Radiant World, one of the world’s largest iron traders, and that it is looking into the matter.<\/p>\n
It declined to comment on who filed the reports and what any complaints might be.<\/p>\n
A Radiant World spokesperson did not immediately respond to a request for comment outside UK business hours.<\/p>\n
Bloomberg News reported last week that the US Justice Department is looking into Radiant World’s business, while the Commodity Futures Trading Commission is examining trades involving the company and its creditors, citing people familiar with the matter.<\/p>\n
Radiant World has said it conducts its business to the highest commercial and legal standards.<\/p>\n
The company has come under scrutiny from counterparties in recent weeks because of concerns about invoices provided to its banks.<\/p>\n
Commodities broker Marex Group has frozen all Radiant World’s accounts following allegations that the iron ore trader used invalid invoices to raise funds, according to two sources with knowledge of the matter.<\/p>\n
Deutsche Bank and KBC Group NV have also frozen some of Radiant’s Singapore bank accounts, while some other lenders have suspended credit lines, Bloomberg News reported earlier in August.\u00a0<\/span><\/p>\n Radiant World is a global commodities trader that supplies metals and minerals to global industries.\u00a0<\/p>\n Radiant was founded by Pinkesh Nahar in the early 2000s, according to its website, which says the firm trades more than 80 million metric tons of iron ore annually. That would be worth more than US$7.5 billion at current SGX prices.<\/span><\/p>\n Reuters also reported that Radiant has laid off some operations staff as banks and counterparties retreat, according to two sources familiar with the matter.<\/span><\/p>\n The sources declined to be identified due to the sensitivity of the topic. Radiant employs more than 100 people, according to its website, via offices in Singapore, Dubai, Shanghai, London, Geneva, Connecticut and Mumbai.<\/span><\/p>\n