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Radiant World sued by Mizuho Bank and Incomlend amid document probes
Incomlend is seeking more than $34 million from Radiant World and its founder, and a September 29 hearing is set.
Radiant World, an iron ore trader, is facing legal action from Mizuho Bank and Incomlend after investigations into allegedly falsified financial documents, according to Reuters and Bloomberg as cited by Mining.com.
Mizuho Bank is seeking an injunction against Radiant World Corporation, while Incomlend Pte. Ltd., an invoice financing platform listed as a creditor, is seeking more than $34 million from the company and founder Pinkesh Nahar, per court documents filed August 24.
The case is listed as a “tort of deceit conspiracy by unlawful means,” with a hearing scheduled for September 29, Mining.com reported.
Trading and banking access to Radiant World have been disrupted, with lenders including Deutsche Bank and KBC Group freezing its Singapore bank account earlier this month, and Vitol and Cargill halting trading in July. Investigations by Singapore Police and the US Justice Department and Commodity Futures Trading Commission are reportedly underway. Mining.com also noted that Chile, Argentina, Bolivia and Peru signed a joint declaration to deepen cooperation on strategic minerals.