Singapore Police Investigate Major Iron Trader Radiant World
Singapore’s police announced on Thursday that they are looking into reports regarding Radiant World, one of the largest iron trading companies globally. The police did not specify who made the reports or the nature of the complaints.
A representative from Radiant World has not yet provided a response to inquiries made after business hours in the UK.
Recently, Bloomberg reported that the U.S. Justice Department is also investigating Radiant World. Additionally, the Commodity Futures Trading Commission is reviewing transactions involving the company and its creditors, according to sources familiar with the situation.
Despite these challenges, Radiant World claims that it operates according to the highest legal and commercial standards. However, concerns have been raised by other companies regarding the invoices Radiant World has presented to its banks.
In a significant move, the commodities broker Marex Group has temporarily frozen all of Radiant World’s accounts. This action comes amid allegations that the company may have used invalid invoices to secure funding, as reported by two sources with knowledge of the situation.
