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 the nature of any complaints. Radiant World declined ⁠to ​comment on internal matters.

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 steelmaking ingredient last year, its company website showed.