Singapore authorities begin looking into iron ore trader Radiant World
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The US Commodity Futures Trading Commission is also examining trades involving the company and its creditors.
PHOTO: REUTERS
SINGAPORE – The Singapore Police Force has begun looking into Radiant World after receiving reports on the iron ore trader, a spokesperson said on Aug 20.
No further details were immediately available on the reports or the timeline of any inquiry.
A Radiant World spokesperson was not immediately available outside European working hours.
Radiant World has been under pressure in recent weeks as a number of its counterparties and creditors stepped back from the firm because of concerns about allegedly falsified documents.
Bloomberg previously reported that Vitol Group and Cargill had stopped trading with Radiant World and creditors were reviewing their exposure.
The US Justice Department is probing transactions around Radiant World, according to sources familiar with the matter.
The US Commodity Futures Trading Commission is also examining trades involving the company and its creditors, some of the sources said.
Radiant World has not been accused of wrongdoing and investigations do not always lead to charges. The company told Bloomberg late last week that it had not been made aware of any US investigations.
Little known outside the industry, Radiant World has become a significant player in the iron ore market, with a trading hub and office in Singapore. Its founder, Pinkesh Nahar, is listed in public documents as a resident of the Republic.
The police confirmed to The Straits Times that reports have been lodged and the authorities are looking into the matter. BLOOMBERG
