<\/p>\n
Radiant World, the iron ore trading group that\u2019s under fire amid allegations of fraud, has revealed to lawyers for a Jefferies Financial Group fund that it has hardly any cash left.<\/p>\n
The Jefferies fund is seeking to continue a worldwide freezing order of $499 million, from a London court last month. In court filings ahead of a hearing in London on Thursday, lawyers for the Jefferies fund said that Radiant World had disclosed to them \u201cenormously lower\u201d cash and inventories than was shown in their most recent annual accounts.<\/p>\n
Simon Salzedo, a lawyer for LAM Trade Finance Group II LLC, the fund that\u2019s managed by Jefferies unit Point Bonita, said in court that Radiant World was part of a a \u201cvery large scale fraud.\u201d<\/p>\n
\u201cThey are party to a very sophisticated, large scale international conspiracy,\u201d Salzedo said, arguing to continue the freezing order over Radiant World founder Pinkesh Nahar.<\/p>\n
Nahar\u2019s lawyer in court on Thursday denied the allegations made against him, including those about alleged breach of orders to disclose his assets.<\/p>\n
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Several top commodity traders stopped doing business with Radiant World amid concerns it had provided falsified documents to banks to raise financing. Radiant World denied wrongdoing and said it conducts its business to the highest commercial and legal standards.<\/p>\n
When the Jefferies fund earlier this year began to investigate unpaid receivables it had been financing for Radiant World, it \u201cgradually uncovered that many of the documents purportedly supporting the unpaid receivables had been falsified, including invoices, contracts, and notices of assignment,\u201d according to the judgement imposing the freezing order, which was cited by the Jefferies fund\u2019s lawyers.<\/p>\n
The fund also discovered that payments that it had received had in fact not been paid as a settlement of the invoices it believed, but \u201cin satisfaction of completely different debts,\u201d according to the judgement.<\/p>\n
Radiant World hasn\u2019t produced any evidence that \u201ccasts doubt on the claim that they are in fact party to sophisticated fraud,\u201d Salzedo said in court.<\/p>\n
Radiant World Corporation Pte, the company\u2019s main Singapore operating company, disclosed assets of $1.07 billion to the Jefferies lawyers, but more than $1 billion of this was made up of trade and other receivables which Jefferies argued could not be relied on. The values of inventories and cash were \u201cenormously lower\u201d than in the company\u2019s most recent annual accounts for the year ended September 2025, they said.<\/p>\n
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Radiant World Holding, the company\u2019s Hong Kong holding company, disclosed just $10 000 in cash, compared to more than $200 million in its most recent annual accounts. And Sapphire Minmetals Corporation, a legally separate but closely related company, disclosed cash of $3.8 million, compared to $66.5 million in its most recent annual accounts.<\/p>\n
It was normal for commodities trading companies to have amounts owed to them as trade receivables, a lawyer representing Sapphire Minmetals said in court. The assets, including receivables, were enough to cover the claim.<\/p>\n
Radiant World and related companies have been reducing their headcount and selling inventories since Bloomberg first reported in late July the concerns over falsified documents.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Radiant #world #reveals #nearempty #coffers #Jefferies #fund<\/p>\n","protected":false},"excerpt":{"rendered":"
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