A London judge signed off in late August on a global asset freeze tied to Radiant World that also restricts Nahar's personal spending to £4,000 a week. According to legal papers filed this week in a new Singapore case, the same living-expense cap applies to Sapphire Minmetals chairman Rakesh Sethi. Those filings reference a separate Singapore injunction that Bloomberg says has been granted, and note details that hadn't been publicly reported before.
The actions were initiated by LAM Trade Finance Group II LLC, which is managed by Jefferies subsidiary Point Bonita. The defendants are Radiant World Corporation Pte (the group's main Singapore entity), Radiant World Holding Ltd. in Hong Kong, founder Pinkesh Nahar, Sapphire Minmetals Corporation Ltd., and Rakesh Sethi. In Singapore, Jefferies asked the court to stop the defendants from shifting assets out of the country or diminishing their value, up to $499.2 million. The requested order lists Radiant World accounts at KBC Bank NV, Deutsche Bank AG, China CITIC Bank International Ltd.'s Singapore branch, United Overseas Bank Ltd., and Mizuho Bank Ltd., plus Nahar's personal accounts at Nomura Singapore Ltd. and Bank of Singapore Ltd. It also carves out room for reasonable legal bills and everyday business transactions.
Requests for comment from a Radiant World spokesperson and from Rakesh Sethi went unanswered at press time.
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In the UK case, Jefferies accuses the defendants of running a "fraudulent scheme" built on fake iron ore invoices and puts its claim at more than $500 million. Back in July, Bloomberg reported that several leading commodity traders cut ties with Radiant World amid concerns it used falsified paperwork to obtain bank financing. Radiant World has rejected the allegations and says it operates according to the most rigorous commercial and legal norms.
Following that coverage, KBC Group and Deutsche Bank placed holds on money in select Radiant World accounts located in Singapore. Several major iron ore miners and buyers in China also stopped dealing with the firm. Singapore looms large here because Radiant World's core operating unit is based there. Bloomberg has reported that Singapore police are investigating, and that last month officers raided the company's local office and questioned some employees.
Bottom line: there is now a global freeze in place and a separate Singapore injunction has been granted, while Jefferies is pressing claims worth more than $500 million. With counterparties already stepping back, financing and delivery risks can ripple through supply chains. Keep an eye on court milestones, which banks are named or take action, and whether trading partners quietly return or walk away for good.
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