Radiant World's China iron ore head leaving, sources say

Radiant World's head of China ​iron ore is leaving the ​company, two sources with ‌knowledge ​of the matter said on Monday, as the trading company faces scrutiny and several counterparties ‌have stopped trading with it. Leon Jin, who joined Radiant World in October 2022 after more than 10 years with rival Trafigura, according to ‌his LinkedIn profile, was working his last day at the trading ‌house on Monday, the sources said. They requested anonymity as they are not authorised to speak to media.

Some banks have frozen Radiant World's accounts and trading houses ⁠have ​cut ties ⁠on concerns the commodity trader had supplied invalid invoices to raise financing. The Singapore Police ⁠Force said on August 20 it was looking into Radiantafter receiving reports ​on the company, though it did not disclose who filed the ⁠reports or what any complaints were.

Radiant World did not immediately respond to a ⁠request ​for comment. The company has six iron ore traders in China, one of the sources said.

Radiant World, which was founded in ⁠the early 2000s, became one of the world's largest iron ore traders, handling ⁠more than 80 ⁠million metric tons of the key steelmaking ingredient last year, its company website showed.