Radiant World Faces Multiple Legal Actions in Singapore

Mizuho Bank, a unit of Japan’s Mizuho Financial Group, has filed an originating action in Singapore’s Supreme Court seeking an injunction against Radiant World Corp, the main operating unit of the Radiant World group. The hearing is scheduled for the morning of August 28 and is listed as a summons related to corporate insolvency. Mizuho is recorded as a creditor of Radiant World but has not disclosed the amount it seeks to protect.

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The suit seeks over US $34 million (S$43.2 million) from Radiant World and its founder Pinkesh Nahar, who is also listed as a director of private-investment firm Tanas Capital. Amit Sharma, managing director of Tanas Capital, is named as an additional defendant. The parties had not secured legal representation as of the filing date, and a further hearing is set for September 29.

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Radiant World is an international iron-ore trading company. Earlier reporting in July raised concerns that the trader had supplied banks with falsified documents to obtain financing, prompting heightened scrutiny of its commercial practices.

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A spokesperson for Mizuho declined to comment on the injunction filing, and Radiant World did not respond to requests for comment on the Incomlend lawsuit.

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• Incomlend’s claim: US $34 million (S$43.2 million) in alleged losses.

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• Mizuho’s status: creditor of Radiant World; specific exposure not disclosed.

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• Legal filings list the cases as an originating action (Mizuho) and a tort of deceit claim (Incomlend).

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Both the U.S. Department of Justice and Singapore police are conducting investigations into Radiant World’s activities. The upcoming court dates—August 28 for the injunction and September 29 for the debt-recovery suit—will determine whether the parties obtain interim relief or judgments on the alleged misrepresentations.

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