What just happened
People with knowledge say a Singapore court granted a freezing injunction on Wednesday that ties up assets linked to Radiant World and its founder Pinkesh Nahar. The win builds on a London High Court ruling that imposed a global freeze against the same defendants. The UK court had already given Jefferies permission to seek local injunctions in Singapore and Hong Kong to enforce that order.
In the London suit, Jefferies alleges the defendants used falsified iron ore invoices in what it calls a "fraudulent scheme," and says the claim exceeds $500 million. Representatives for Jefferies and for Radiant World said they had no comment. A request for comment to Rakesh Sethi did not draw an immediate response.
Who is in the crosshairs
The Singapore application was filed by LAM Trade Finance Group II LLC, a fund managed by Jefferies subsidiary Point Bonita. It names:
- Radiant World Corporation Pte, which serves as the group's primary Singapore operating unit
- Radiant World Holding Ltd., the group's holding entity in Hong Kong
- Pinkesh Nahar, who is the founder and holds a majority stake
- Sapphire Minmetals Corporation Ltd., a company that is closely connected yet distinct as a matter of law
- Rakesh Sethi, the chairman of Sapphire and its majority owner
Singapore is pivotal to Radiant World because its primary operating unit is based there. Bloomberg has reported that the company is under investigation by Singaporean police, who last month carried out a raid on Radiant World's Singapore office and questioned several employees of the firm.
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Parallel pressure from lenders and traders
In July, Bloomberg reported that several top commodity traders stopped dealing with Radiant World amid concerns it provided falsified paperwork to banks in order to obtain financing. Radiant World denies wrongdoing and says it conducts its operations in line with rigorous commercial and legal requirements.
Separately, a unit of Mizuho Financial Group Inc. is asking a Singapore court to place Radiant World Corporation Pte into judicial management, a restructuring process where a third party takes control. The court's website on Wednesday scheduled the next hearing for Sep. 23 and indicated that Intesa Sanpaolo SpA and Deutsche Bank AG were recorded as non-parties, each with their own counsel, marking the first appearance by either bank in any case related to Radiant World. Earlier Bloomberg reporting indicated that counterparties told at least five lenders - among them Intesa and Deutsche Bank - that some of the invoices that formed the basis of their Radiant World exposure were not authentic.
Why it matters for your money
A global freeze, a Singapore injunction, a police probe, and a potential court-led restructuring add up to the same thing for anyone exposed to this trade-finance web: timing and recoveries are getting more complicated. If your world touches commodity flows or supplier financing, keep an eye on which orders take priority and who lines up in court next. That is what will drive who gets paid, when, and how much.
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