Radiant World Faces Falsified-Document Claims as Traders Pull Back and Banks Review Up to $300 Million
Updated
Updated · MINING.com · Aug 1
Radiant World Faces Falsified-Document Claims as Traders Pull Back and Banks Review Up to $300 Million
3 articles · Updated · MINING.com · Aug 1
Summary
Intesa Sanpaolo and Jefferies' Point Bonita are reviewing Radiant World exposure after checks on trade-finance paperwork found discrepancies in documents tied to iron ore deals.
€200 million of Intesa exposure has already been provisioned, while Point Bonita has less than $300 million at risk; people familiar with both cases said they still hope to recover their money.
Vitol and Cargill have not traded with Radiant World for months, and Glencore has stopped new business after seeing or hearing credible concerns that some invoices and other documents were invalid.
Radiant World denied the allegations, said its business is operating normally, and sent Bloomberg purported recent trade details that counterparties said were incorrect and referenced no real trades.
The scrutiny hits a trader that grew from 7 million tons of iron ore in 2014 to 43 million in 2024 and was on track for 65 million to 70 million tons in 2025, underscoring risks in document-backed commodity finance.