Radiant World, the Singapore-based iron ore trading house founded by Pinkesh Nahar, is facing a collapse of its business relationships after allegations of invalid invoices surfaced. Three major commodity trading firms, Vitol, Cargill, and Glencore, stopped doing business with the company in late July 2026, followed by Deutsche Bank and KBC freezing accounts and suspending credit lines. Singapore Police are investigating the allegations, Mizuho filed for insolvency proceedings, and mining giants Rio Tinto and Vale removed Radiant World from their approved customer lists. Intesa Sanpaolo provisioned approximately 200 million euros in exposure while Jefferies’ Point Bonita fund is reviewing its own exposure of less than 300 million dollars.
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