Mizuho Bank files lawsuit against Radiant World in Singapore court
Mizuho Bank has filed a lawsuit with the High Court of Singapore against Radiant World Corporation, the Singapore-based operating entity of iron ore trader Radiant World. The bank is asking the court to issue an injunction, according to the case register.
The bank’s lawsuit
As The Japan Times reports, citing Reuters, the court register does not disclose details of the injunction sought by Mizuho Bank. Mizuho Bank is the banking unit of Mizuho Financial Group. Reuters found no other cases of public lawsuits filed by creditors against Radiant World.
Mizuho Bank declined to comment on the case. A Radiant World representative did not provide an immediate comment outside business hours in the United Kingdom.
More current news is available on the UA.News Telegram channel Telegram.
Accounts and investigation
Some banks have frozen Radiant World’s accounts, while trading companies have stopped working with the trader over concerns that it may have provided invalid invoices to obtain financing. Singapore police confirmed this week that they had received reports and were conducting an investigation.
In July, Radiant World said that the allegations made against it were inaccurate and unfounded. According to Bloomberg News, Deutsche Bank and KBC Group froze some of the company’s Singapore bank accounts, while several other creditors suspended credit lines.
Company operations
According to information on Radiant World’s website, the company was founded in the early 2000s by Pinkesh Nahar. The company says it trades more than 80 million metric tonnes of iron ore annually.
