Mizuho files Singapore court case against Radiant World in first public lender action: Bloomberg

MIZUHO BANK has initiated legal action against Radiant World in Singapore’s Supreme Court, according to the court system’s website. 

It is the first legal action taken by a lender to Radiant World to become public since Bloomberg News reported in July on concerns the iron ore trader had provided banks with falsified documents to secure financing. 

Mizuho Bank, a unit of Japanese lender Mizuho Financial Group, is seeking an injunction against Radiant World Corp, the main operating unit of the Radiant World group. That implies the Japanese bank is seeking a court order to prevent some action by Radiant World, though it was not yet clear what it was seeking to block.

The hearing, which is due to be heard on Friday (Aug 28) morning, was listed as being an originating action and summons related to corporate insolvency. 

A spokesperson for Mizuho declined to comment. A spokesperson for Radiant World did not immediately respond to requests for comment.

Radiant World has previously denied wrongdoing and said that it conducts its business to the highest commercial and legal standards.

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Filings show that Mizuho is a creditor of Radiant World Corp.

Bloomberg reported on Thursday that at least five banks had been told that some of the invoices that are underpinning their exposure to Radiant World are not genuine. BLOOMBERG