Singapore court appoints KPMG to oversee Radiant World amid fraud allegations

A Singapore court has placed Radiant World Corporation under interim judicial management, appointing three KPMG executives to take the reins of a company that, until recently, was one of the iron ore trading market’s heaviest hitters. The court tapped KPMG’s Toh Ai Ling, Adrian Chan, and Tan Yen Chiaw as interim judicial managers on September 24. The move came after Mizuho Bank alleged that Radiant World had fabricated $97.3 million in receivables tied to iron ore sales supposedly made to Glencore International AG. A $9.6 billion operation under siege Radiant World reported revenue of $9.6 billion for fiscal year 2025 and posted a net profit of $140.9 million. On top of the judicial management order, Radiant World is now subject to a $499.2 million asset freezing order. Judicial management in Singapore functions somewhat like a corporate intensive care unit. The court-appointed managers effectively take control of the company’s operations, with the goal of either nursing the business back to health or winding it down in an orderly fashion. KPMG’s team will now have authority over major business decisions while they investigate the company’s financial position. Radiant World fires b...