Market Chatter: Singapore Authorities Investigate Radiant World Over Alleged Invalid Invoices

MT Newswires08-20 12:59

Singapore police have received reports concerning Radiant World's alleged use of invalid invoices to raise funds, Reuters reported Thursday.

The police investigation adds to allegations facing the commodities trader, with counterparties and lenders alleging that the company provided invalid invoices, Reuters reported. Commodities broker Marex has also frozen Radiant World's accounts following the allegations, the report added.

The investigation comes after the US Justice Department examined the company's business after it provided banks with falsified information linked to its iron ore trades, the report noted.

In a company statement on July 31, Radiant World denied allegations, saying it remains committed to complying with commercial and legal standards and conducting due diligence with its lending partners.

Radiant World did not immediately respond to MTNewswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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