Singapore police raid Radiant World office as probe widens
Singapore police have raided the offices of iron ore trader Radiant World as part of an investigation into potentially falsified documents. The company is also facing scrutiny from US authorities, leading several commodity traders to sever ties.
Why it matters
The investigation highlights potential systemic issues in commodity trading documentation and the increasing international regulatory pressure on the firm.
The US Justice Department and Commodity Futures Trading Commission are also scrutinising transactions into the company and its creditors
SINGAPORE police raided the local office of iron ore trader Radiant World last week and questioned some of the firm’s employees, according to people familiar with the matter, part of an investigation into the company’s transactions after some counterparties raised concerns about allegedly falsified documents.
Several major commodity traders have cut ties with the company amid concerns that it provided invoices or other documents to its banks that weren’t valid, Bloomberg has reported.
A spokesperson for the Singapore police said that investigations were ongoing and further details were not available.
Radiant World declined to comment in response to questions for this story.
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