Singapore-based commodity trader Radiant World has revealed that it owes approximately US$870 million to six creditors who provided financing through receivables facilities, according to a spreadsheet attached to a recent legal filing. The disclosure marks the first comprehensive public accounting of lenders’ exposures to the company, which is currently facing legal disputes.
The spreadsheet, submitted alongside an affidavit signed by Radiant World’s founder and owner, Pinkesh Nahar, on September 16 in Mumbai, details the outstanding debts linked to Radiant World Corporation Pte, the company’s primary Singapore operating entity. It lists six key creditors with significant exposures: Jefferies Financial Group Inc and Intesa Sanpaolo SpA as the largest, followed by Deutsche Bank AG, Mizuho Financial Group Inc, Mariner Investment Group, and Incomlend Pte.
Radiant World’s traditional commodity trade finance and repurchase agreement (repo) facilities have reportedly been fully repaid. However, substantial amounts remain outstanding under its receivables financing facilities. At least two lenders involved in these receivables financing arrangements have accused Radiant World of providing falsified documents in connection with the loans. A lawyer representing Jefferies has characterized the situation as part of a “very large scale fraud.”
Radiant World has denied any misconduct, asserting that the allegations arise from a commercial dispute with trading giant Glencore Plc. Details of this dispute have not been disclosed.
The spreadsheet also includes information on 19 non-receivables financing facilities. Among these, only a letter of credit facility with KBC Group NV shows an outstanding balance of US$18 million. Nahar indicated in the affidavit that this amount was in the process of being settled. In contrast, a spokesperson for KBC told Bloomberg that the bank has “no exposure to Radiant at all.”
The public release of these financial details comes amid ongoing legal proceedings involving Radiant World and its creditors. The company’s related entities, including Sapphire Minmetals and Quanterra International, are not covered in the disclosed spreadsheet, leaving their exposures unclear.
As the situation develops, creditors and market participants continue to monitor the unfolding dispute, which highlights risks associated with commodity trade financing and receivables lending in the sector.