A scholarship program at the United World College of South East Asia (UWCSEA) funded by Singapore-based iron ore trader Radiant World is currently under review amid ongoing legal investigations into the company. UWCSEA, which operates campuses in Dover and Tampines and offers the International Baccalaureate (IB) diploma, confirmed the review on September 9, following widespread allegations of trade finance fraud against Radiant World.
According to UWCSEA, Radiant World proposed the scholarship arrangement two years ago, aimed at supporting talented young women from India to study the IB curriculum at UWCSEA and United World Colleges in the United Kingdom. The school accepted the offer after conducting due diligence in line with its gift acceptance policies, which allow for reassessment if circumstances change. The scholarship currently supports one student, and UWCSEA has pledged to continue backing this individual for the remainder of the two-year program.
The review comes after multiple banks, miners, and commodity traders severed ties with Radiant World, citing concerns over the authenticity of documents used by the company to secure trade financing. Singapore police confirmed they are investigating Radiant World, alongside parallel probes in the United States and the United Kingdom. The company has denied any wrongdoing, and no court has yet ruled on the allegations.
Enterprise Singapore, the government agency overseeing the commodity trading sector, stated that neither Radiant World nor its affiliates receive support from the agency. While monitoring the situation, Enterprise Singapore expects limited impact on the wider commodities trading ecosystem in Singapore.
Founded by Pinkesh Nahar in the early 2000s, Radiant World’s Singapore base is registered as Radiant World Corporation, previously known as Royalline Trading since 2012. The company claims operations in six additional countries, including China, India, the United Arab Emirates, the United States, Britain, and Switzerland. Business filings indicate rapid growth, with revenues rising from approximately US$3 billion in 2021 to US$9.6 billion in the 2025 financial year and net profits reaching US$141 million. The company reportedly trades significant volumes of iron ore, a key steelmaking input, with principal suppliers in India and major buyers in Vietnam.
Financial troubles surfaced when lenders and trading partners began scrutinizing trade documents tied to Radiant World’s financing. Major commodity firms such as Vitol, Cargill, Glencore, Rio Tinto, and Vale ceased doing business with the company. Banks including Deutsche Bank and KBC froze accounts and suspended credit lines.
Legal action has intensified, with Singapore-based trade finance firm Incomlend filing a lawsuit alleging Radiant World raised US$31.7 million by presenting already-paid invoices from Glencore and questioned contracts. The firm is seeking more than US$34 million in damages from Radiant World, Nahar, and Amit Sharma, associated with an investment firm linked to Nahar. Another plaintiff, Mizuho Bank, is pursuing a court injunction and is seeking to appoint interim judicial managers to oversee Radiant World’s restructuring. The next hearing is scheduled for September 23.
Despite the controversy, Radiant World remains listed as a member of the Singapore Business Federation as of September 10. The Monetary Authority of Singapore (MAS) noted that banking institutions are required to manage exposure risks and file suspicious transaction reports when warranted but did not provide details on any investigations specific to Radiant World.
While Nahar maintains a low public profile, he previously spoke at the Singapore Exchange’s Iron Ore Week in 2019, an event that has since been rebranded as Singapore International Ferrous Week. Radiant World previously identified itself as a supporter of this event on social media platforms. The Singapore Exchange declined to comment on the company’s involvement.