Singapore Judge Raises Doubts Radiant World Is Owed $1 Billion
(Bloomberg) — A Singapore judge has cast doubt on trader Radiant World’s claim that it is owed more than $1 billion from customers, citing concerns over an alleged “pattern of fraudulent conduct,” according to a court filing.
Radiant World, battling demands from creditors, was placed under interim judicial management on Thursday, when the High Court appointed KPMG restructuring executives to take charge of the business. The decision, granting an application by Mizuho Bank Ltd., opens a new chapter in a saga that has gripped the global commodities industry.
In the ruling, judge Kristy Tan concluded the company was or was likely to become unable to pay its debts, according to a signed copy seen by Bloomberg. Tan added in the document that she placed “little weight” on the company’s claims it is owed $1 billion in trade receivables — currently, the lion’s share of its assets.
“There is an urgent need for interim judicial managers to investigate the Company’s affairs in the light of the prima facie pattern of fraudulent conduct on the part of the Company’s management,” Tan wrote. “This is a case where a management timeout may actually serve to enhance and prevent the running down of the Company’s assets and business.”
Read: Singapore Court Strips Control of Radiant World From Founder
Radiant World has denied all wrongdoing. A spokesman did not immediately respond to requests for comment on Friday. Mizuho also did not immediately respond to Bloomberg queries. Mizuho’s lawyers from Shook Lin & Bok declined to comment.
A Bloomberg analysis of corporate records and visits to counterparties’ registered addresses had suggested that the vast majority was due from companies that said they owed Radiant nothing, firms closely related to Radiant itself, or obscure entities in the Middle East.
Tan pointed to over $210 million in Radiant World said it was owed by Aspira Co Pte Ltd, Sapphire Minmetals Corporation Ltd and Quanterra International Ltd. — companies which she noted were related to Radiant World itself, raising questions “as to how accurate or realisable these assets may be.”
The judge also rejected the company’s argument that a claim against Glencore Plc for about $2 billion should be regarded as a “realisable asset.” “It is pure speculation as to how the claim will fare and that it will be ‘resolved within 12 months,’” she wrote.
Glencore has said that the claim against it is “meritless.”
©2026 Bloomberg L.P.
