Story perspectives

Mizuho Sues Radiant World Over Alleged $95.5M Glencore Fraud

By Drooid · Sep 25, 2026, 10:38 AM UTC · How we work

Summary

Story summary

KPMG's Toh Ai Ling, Adrian Chan and Tan Yen Chiaw were appointed judicial managers of Radiant World.
Mizuho Bank sued Radiant World, alleging emails and documents to obtain US$95.5 million financing from Glencore.
Radiant World reported US$870 million owed to six receivables lenders and US$599 million liabilities.
Jefferies lawyers called the invoice fraud a ‘very large-scale fraud’ and warned receivables are unreliable.
Rio Tinto confirmed some exposure to Radiant World but declined comment.

History

Historical Context

Enron, created by a 1985 merger and led by Kenneth Lay, reported nearly $101 billion in revenue before its December 2001 bankruptcy erased most of its market value. The collapse triggered the 2002 Sarbanes-Oxley Act and the dissolution of auditor Arthur Andersen. Today, regulators cite that legacy as they tighten oversight of commodity-trade financing.

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Story summary

KPMG's Toh Ai Ling, Adrian Chan and Tan Yen Chiaw were appointed judicial managers of Radiant World.
Mizuho Bank sued Radiant World, alleging emails and documents to obtain US$95.5 million financing from Glencore.
Radiant World reported US$870 million owed to six receivables lenders and US$599 million liabilities.
Jefferies lawyers called the invoice fraud a ‘very large-scale fraud’ and warned receivables are unreliable.
Rio Tinto confirmed some exposure to Radiant World but declined comment.

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