US Court Allows Fund to Obtain Documents in Radiant World Case

(Bloomberg) — A US court has allowed a fund managed by Mariner Investment Group to obtain documents from the Federal Reserve Bank of New York and the Clearing House Interbank Payments System in its Swiss proceedings against iron ore trader Radiant World, according to an order.

Judge John P. Cronan of the US District Court for the Southern District of New York allowed the request made by Mariner Atlantic Multi-Strategy LLC, ordering it to provide copies of the decision to all targets. These include Radiant World, group founder Pinkesh Nahar and director Bhupeshkumar Gejvala, as well as related entity Sapphire Minmetals.

The fund has accused Radiant World of fraud and money laundering, and has asked Swiss prosecutors to open a criminal investigation, conduct searches of company premises and seize bank accounts and other assets.

A Radiant World spokesperson had no immediate comment. Mariner did not immediately respond to a request for comment outside business hours.

Radiant World is facing a spate of civil lawsuits from Singapore to London over allegations from creditors that it provided banks with falsified documents to secure financing, while Singapore Police are also conducting an investigation into the company. The company’s main offices are located in Singapore, Switzerland and Dubai.

It has denied wrongdoing.

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