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 on Friday. The court ‌listing did not provide details of the injunction sought. Another creditor, Singapore trade-finance ‌firm Incomlend, is suing the company and its founder Pinkesh Nahar for $34 million, Bloomberg News reported on Friday, citing a court document.

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. Mizuho Bank declined to comment. Incomlend did not immediately ​respond to a request for comment. A spokesperson for Radiant World did ⁠not immediately respond to a request for comment.

Radiant World said in a statement in July that ⁠the ​claims were inaccurate and unsubstantiated. 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.