SINGAPORE: Iron ore trader Radiant World has been at the centre of a widening crisis since banks and counterparties began distancing themselves over concerns it may have used invalid documents to raise financing. Radiant World has denied any wrongdoing.
WHAT IS RADIANT WORLD?
The company was founded in the early 2000s by Indian national Pinkesh Nahar, a 45-year-old who until recently was little known outside the niche world of iron ore trading. With offices in Singapore, Britain, China, India, Switzerland, the US and the United Arab Emirates, it became one of the world’s biggest iron ore traders, handling more than 80 million metric tons of the steelmaking raw material annually, according to its website. More recently, it built up its business trading base metals such as aluminium and copper.
Corporate filings for its main operating entity, based in Singapore, show revenue of USD9.6 billion in its financial year ended September 30, 2025.
WHAT IS THE LATEST?
Radiant World faces mounting legal challenges. This week, New York-based fund Mariner Atlantic Multi-Strategy LLC showed in a US court filing that it had made a criminal complaint in mid-September in Switzerland against Radiant World and related companies alleging fraud and money laundering.
The complaint is related to about USD48.6 million that Mariner says it lent to Radiant World in late June that was underpinned by trade receivables.