Radiant World discloses $870M exposure to six lenders as commodity fraud probe widens

Radiant World, a Singapore-based iron ore trader, has disclosed $870 million in outstanding obligations to six creditors who financed its receivables. The figure comes from a spreadsheet attached to a legal filing by the embattled company, and it offers the clearest picture yet of how deeply the firm’s financing arrangements have unraveled. Trading giants Vitol and Cargill have halted all business with the company as of July 2026, and Glencore has exited its obligations after determining that key documentation was invalid. How a receivables financing operation became a legal crisis The allegations against the company center on claims that it provided falsified invoices to secure financing. Incomlend, a trade finance platform, claims it advanced $31.7 million against what it describes as fabricated Glencore invoices. Glencore has corroborated this by declaring those documents invalid, which is why it ceased new transactions with Radiant World entirely. Secured claims against Radiant World registered in Singapore have more than doubled since the start of 2025, reaching at least 21 by mid-2026. Courts in both Singapore and London have issued freezing orders against the company’s asset...