Singapore court freezes up to US$499m in Radiant World assets, caps founder’s spending at £4,000 a week
A Singapore court has frozen nearly US$500 million in assets belonging to iron ore trader Radiant World and its founder, Pinkesh Nahar, following allegations of a fraudulent invoice scheme. The court has also imposed strict weekly spending limits on the individuals involved.
Why it matters
The case represents a significant legal action against alleged commodity trading fraud, impacting international financial markets and trade finance.
SINGAPORE, Sept 12 — A Singapore court has frozen up to US$499.2 million (RM2.04 billion) in assets linked to iron ore trader Radiant World, while its founder Pinkesh Nahar has been restricted to £4,000 a week in living expenses under a worldwide freezing order.
The restrictions were disclosed in previously unreported court filings linked to a Singapore freezing injunction against Radiant World and Nahar, Bloomberg reported, citing documents relating to an earlier worldwide freezing order issued by a London court.
Sapphire Minmetals Corporation Ltd and its chairman Rakesh Sethi are also covered by the injunction, with Sethi subject to the same £4,000 weekly limit on living expenses.
A spokesperson for Radiant World and Sethi did not immediately respond to requests for comment.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in