Singapore police look into iron ore trader Radiant World
Company has fast become one of the biggest players in global commodities market
Singapore police are looking into iron ore trader Radiant World after receiving reports about the business that has fast become one of the biggest players in global commodities.
The police force confirmed to the FT that its commercial affairs department — which is tasked with safeguarding the integrity of the city-state’s financial and business hub — was looking into the matter.
Radiant World did not immediately respond to a request for comment.
Several banks and commodity traders have pulled back from dealing with the Singapore-based business in recent months due to concerns over alleged fake documents, which were first reported by Bloomberg. Radiant has denied any wrongdoing.
Radiant World has become one of the biggest players in the global iron ore market, making use of strong connections across China, India, the Middle East, Europe and the US.
Its rise has relied on close relationships with a global network of banks that provide the business with credit lines. However, some lenders have begun cutting ties in recent months.
Several big trading houses have also stopped doing business with Radiant World, including Glencore and Vitol.
The business, which began in India in 2003, is run by Pinkesh Nahar, who is based in Singapore.
Last week, Bloomberg reported that the US Department of Justice and the Commodity Futures Trading Commission were both examining transactions made by Radiant World. The business said at the time that it was not aware of any investigation.
As a major shipping hub linking Asia with the Middle East and Europe, Singapore has grown into one of the world’s most important commodities centres, with many of the biggest trading houses and their financial institutions based in the city-state.