Mizuho Bank files lawsuit against Radiant World in Singapore

Mizuho Bank, a unit of Japan’s Mizuho Financial Group, has filed a lawsuit against Radiant World Corporation in the Supreme Court of Singapore. This marks the first public legal action taken by a lender against the iron ore trader following allegations that the company provided falsified documents and invalid invoices to secure financing.

The court listing describes the proceedings as an originating action and summons related to corporate insolvency. While the specific nature of the injunction sought by Mizuho Bank remains unclear, the move follows reports that several banks have frozen Radiant World’s accounts or suspended credit lines due to concerns over the authenticity of invoices underpinning their exposure.

Radiant World, founded by Pinkesh Nahar, claims to trade over 80 million metric tons of iron ore annually. The company has previously denied any wrongdoing, stating that its business operations adhere to the highest commercial and legal standards. Singapore Police have confirmed that investigations are ongoing following reports lodged regarding the matter.