A Singapore court appointed KPMG to oversee Radiant World Corporation on September 24, after Mizuho Bank alleged the company had fabricated 97.3 million dollars in receivables tied to iron ore sales. Radiant World reported revenue of 9.6 billion dollars for fiscal year 2025 and a net profit of 140.9 million dollars. The company is now subject to a 499.2 million dollar asset freezing order and investigations by Singaporean and US authorities. Radiant World denies any fraud and filed a 2 billion dollar lawsuit against Glencore on September 16.
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