If you've been wondering who is on the hook in Radiant World's saga, we finally have a clear lineup. Founder and owner Pinkesh Nahar attached a detailed spreadsheet of lender exposure to an affidavit he signed in Mumbai on Sep. 16. It covers the main Singapore entity, Radiant World Corporation Pte, and is the first comprehensive breakdown to surface publicly. It does not include related names like Sapphire Minmetals or Quanterra International.
The sheet confirms this split: traditional commodity trade finance and repo lenders have been repaid, while creditors that funded receivables are still owed hefty sums. The receivables bucket totals $870 million across six lenders.
Two names top the exposure list: Jefferies Financial Group Inc. and Intesa Sanpaolo SpA. The spreadsheet shows facility limits and utilized amounts as follows:
Of the 19 facilities not tied to receivables, the sole item still showing a balance is an $18 million letter of credit from KBC Group NV. Nahar said that amount was moving toward settlement. A KBC spokesperson told Bloomberg on Monday it had "no exposure to Radiant at all."
Receivables‑financing lenders have taken their complaints to court. At least two allege Radiant World provided falsified documents tied to those facilities. In a hearing last week in London, a lawyer for Jefferies said Radiant World was part of a "very large scale fraud," and argued the reported trade receivables figure should not be trusted. As the lawyers put it: "The core of the claim" is that Radiant World "falsified documents in relation to supposed receivables." Their bottom line for the judge: "The Court cannot rely on the veracity of that figure."
Radiant World denies wrongdoing and says the accusations arise out of a commercial dispute with Glencore Plc. Another statement of financial position for Radiant World Corporation Pte, dated Sept. 8 and included with the affidavit, listed total liabilities of $599 million, split between $282 million in trade and other payables and $316 million in borrowings.
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Non‑financial creditors are left out of the spreadsheet. According to prior Bloomberg reporting, Glencore booked a $480 million provision against its net Radiant World exposure. People familiar with the matter say Rio Tinto Plc is also exposed. A Rio Tinto spokesperson did not comment.
Deutsche Bank said: "The $102.59 million claim represents our maximum exposure. We are pursuing all available recovery options. We do not comment on provisioning for individual situations." Representatives for Jefferies, Intesa and Mizuho would not comment; Mariner's spokesperson said there was no immediate comment, and Incomlend did not respond. A Radiant World spokesperson had no comment on the spreadsheet.
Nahar pushed back on a Mizuho request to install court‑appointed restructuring executives, arguing the company is solvent with $1.07 billion in assets, including inventories of $36 million, cash of $27 million and $1.007 billion of trade receivables. He also said only the $18 million owed to KBC is directly due from Radiant, with the rest sitting under receivables structures where customers are supposed to pay.
For regular investors, the punchline is simple: recovery depends on whether those receivables are real and collectible. Between $870 million owed to six receivables financiers and contested invoices front and center in court, timing and outcomes are up in the air for anyone tied to this credit chain.
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