Mizuho and trade finance provider Incomlend have filed legal claims against commodity trader Radiant World in Singapore, according to court records and a media report.
Mizuho filed for an injunction against Radiant World Corporation Pte Ltd in a Singapore court, with a hearing scheduled for today (August 28), court records show. Mizuho declined to comment on the outcome of the hearing and GTR was unable to establish further details of the bank’s claim.
Separately, invoice financing provider Incomlend filed a US$34mn claim against Radiant World and its founder Pinkesh Nahar in Singapore on August 24, according to Bloomberg.
The case is listed as a “tort of deceit conspiracy by unlawful means”, the publication reported.
Radiant World and Incomlend did not immediately respond to requests for comment on the case. A hearing is scheduled for September 29.
Radiant World, until recently a significant trader of iron ore, has come under pressure in the last few weeks after a series of reports by Bloomberg that the company had submitted fake invoices to its lenders for purported trades with counterparties including Vitol and Cargill.
Deutsche Bank and Belgium’s KBC froze some of the company’s bank accounts in Singapore, Bloomberg previously reported. Intesa Sanpaolo said earlier this month it had made provisions on a €200mn exposure to Radiant World but that there would be no impact on the bank’s 2026 profit.
There were some 21 creditors with registered claims against Radiant World’s assets as of early August, Reuters reported.
Last week, police in Singapore said they had received reports about Radiant World and were investigating.
Radiant World previously described the claims in Bloomberg’s reporting as “inaccurate and unsubstantiated”.
“Radiant World conducts its business to the highest commercial and legal standards and complies with all due diligence requirements with its lending partners,” it said in a July 31 statement.
“Our business continues to operate normally. We continue to execute physical commodity transactions across our global platform, maintain longstanding relationships with our commercial and financing partners, and remain focused on serving our customers.
“Radiant World continues to be well-capitalised, with a strong liquidity position and a diversified financing base with all facilities unchanged. We enjoy long-standing, constructive, relationships with our counterparties.”
