Mizuho Bank files case against Radiant World in Singapore

Japan's Mizuho Bank Ltd ​has filed a case against ​the Singapore operating entity ‌of ​iron ore trader Radiant World in the city-state's Supreme Court, according to the court's website. Mizuho Bank, ‌the banking unit of Mizuho Financial Group , is seeking an injunction against Radiant World Corporation, a court listing showed. Reuters could not ‌find any other instance of public legal action by a Radiant ‌World creditor.

Some banks have frozen Radiant World's accounts and trading houses have severed ties on concerns the commodity trader had supplied invalid invoices to raise financing. Singapore ⁠Police confirmed this ​week that ⁠reports were lodged and investigations were ongoing. The court listing did not provide details of ⁠the injunction sought.

Mizuho Bank declined to comment. A spokesperson for Radiant World did ​not immediately comment outside UK business hours. Radiant World said in ⁠a statement in July that the claims were inaccurate and unsubstantiated.

Pinkesh Nahar founded ⁠Radiant ​World in the early 2000s, according to the company's website, which says it trades more than 80 million metric tons of ⁠iron ore annually. Deutsche Bank and KBC Group NV have frozen some of ⁠Radiant World's ⁠Singapore bank accounts, while some other lenders have suspended credit lines, Bloomberg News reported earlier in August.