Singapore-based iron ore trader Radiant World has disclosed $870 million in outstanding obligations to six creditors. This figure, revealed in a legal filing, highlights the scale of the company's trade finance crisis amid allegations of falsified invoices used to secure funding.
Major trading firms Vitol and Cargill ceased business with Radiant World in July 2026. Glencore also exited its obligations after identifying invalid documentation. The trade finance platform Incomlend alleges it advanced $31.7 million against fabricated Glencore invoices.
Secured claims against the company in Singapore reached at least 21 by mid-2026, more than doubling since early 2025. Courts in Singapore and London have issued asset-freezing orders. Radiant World denies wrongdoing and has filed a lawsuit against Glencore for $2 billion.
Financial exposure includes a €200 million provision by Intesa Sanpaolo and claims between $300 million and $500 million from the Point Bonita fund. Radiant World reported revenue of $9.6 billion for the year ending September 2025.
Investigations are currently underway by the Singapore Police Force, the US Department of Justice, and the Commodity Futures Trading Commission. The involvement of the CFTC indicates that investigators are examining potential links to US-regulated markets.
