Radiant World’s senior China trader quits as pressure builds
A spokesperson for Radiant World in Singapore declined to comment
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A LEADING executive at Radiant World’s China office has quit, according to sources familiar with the matter, as the iron ore trader comes under pressure over concerns it provided falsified documents to banks.
Veteran Leon Jin, Radiant’s head of iron ore in the world’s largest commodity market, left the company on Monday (Aug 31), the people said, asking not to be named as the matter is not public. His departure was prompted by difficulties in carrying out daily operations, they said.
According to his LinkedIn profile, Jin had been at the company for nearly four years, joining after a stretch at rival commodities trader Trafigura Group.
A spokesperson for Radiant World in Singapore declined to respond to Bloomberg queries, adding the company did not comment on internal matters.
The company has laid off several employees across its global offices, but the China departure marks the most high-profile exit since Bloomberg first reported in late July that several major commodity traders had moved to cut ties with Radiant World.
At least five banks have been told that some of the invoices that are underpinning their exposure to Radiant World aren’t genuine. Some banks have frozen its accounts or suspended credit lines, while some major miners and Chinese buyers have withdrawn their business.
Law enforcement agencies including the US Justice Department and the Singapore police are investigating the trader. Radiant World has not been accused of wrongdoing and investigations do not always lead to charges. BLOOMBERG
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