Jefferies-linked fund has nearly $500M exposure to iron ore trader Radiant World

A private credit fund tied to Jefferies has secured a worldwide freezing order from London’s High Court, targeting up to $499 million in assets connected to iron ore trader Radiant World. The fund’s total exposure to the trader and its affiliated entities has ballooned to nearly $500 million, a figure significantly larger than the roughly $300 million previously disclosed. The order, obtained by LAM Trade Finance Group II, names Radiant World’s founder Pinkesh Nahar, affiliated entity Sapphire Minmetals, and an individual named Rakesh Sethi. The escalation follows growing concerns over allegedly falsified invoices linked to Radiant’s operations. From $35 million to half a billion LAM Trade Finance Group II initially extended $35 million in financing to Radiant World back in 2021. That figure then climbed to several hundred million dollars as Radiant positioned itself as a major force in global iron ore trading. Radiant World, founded in 2003 by Nahar, grew into a business that trades over 80 million tonnes of iron ore annually. The company reported revenues of $9.6 billion for the year ending September 2025. Industry giants hit the exits Vitol, Cargill, and Glencore have all ceased...