Deutsche Bank has frozen the funds of Radiant World, an iron ore trading firm, following allegations that it submitted falsified trade documents to financial institutions to secure funding. Major commodity traders Vitol and Cargill have suspended their business relationships with Radiant World, while Glencore has ceased new business while managing existing contracts. On the banking side, Intesa Sanpaolo has provisioned 200 million euros and Jefferies Financial Group’s Point Bonita fund carries approximately 300 million dollars in trade finance exposure. These revelations echo the 2020 Hin Leong Trading scandal, which had concealed roughly 800 million dollars in losses.
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