Singapore High Court judge tasks interim managers with probing suspected fraud at Radiant World

SINGAPORE - A Singapore High Court judge said interim judicial managers were needed at Radiant World to investigate suspected fraud at the iron ore trader, according to a copy of a document seen by Reuters.The judge on Thursday (Sept 24) ordered the appointment of KPMG as interim managers.Judge Kristy Tan wrote there was enough initial evidence that Radiant World "is or is likely to become unable to pay its debts," to support the appointment, according to the document dated Thursday in a case brought by Radiant World creditor Mizuho Bank.Radiant World has faced mounting challenges since banks and counterparties began distancing themselves because of concerns that invoices provided to its banks may not have been valid. It has denied the allegations.Radiant World, its spokesperson, and founder Pinkesh Nahar did not immediately respond to requests for comment on Friday.Radiant World has said interim managers are not neededIt has said previously there is no need to appoint interim judicial managers because it is not insolvent and that doing so would not be in the best interest of its creditors.