Police raid Radiant World's Singapore office amid ongoing investigations
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The police have raided iron ore trader Radiant World's premises in Singapore amid ongoing investigations.Its corporate address is at 6 Battery Road.Radiant World has come under scrutiny from counterparties in recent weeks over invoices provided to its banks.TPolice raid Radiant World's Singapore office amid ongoing investigations
The police have raided iron ore trader Radiant World's premises in Singapore amid ongoing investigations.Its corporate address is at 6 Battery Road.Radiant World has come under scrutiny from counterparties in recent weeks over invoices provided to its banks.The US Justice Department is also probing transactions around Radiant World, with the US Commodity Futures Trading Commission said to be examining trades involving the company and its creditors, Bloomberg reported. Meanwhile Deutsche Bank and KBC Group NV have frozen some of Radiant's Singapore bank accounts, while other lenders have suspended credit lines.Both banks declined to comment at the time of earlier reports on Aug 20.Earlier on Aug 20, the police had said in response to media queries that they received reports about Radiant World.In an updated statement to AsiaOne on Aug 27, the police confirmed that investigations are ongoing. Read more
