Singapore’s police force said on Thursday it has received reports about Radiant World, one of the world’s largest iron traders, and that it is looking into the matter.
It declined to comment on who filed the reports and what any complaints might be.
A Radiant World spokesperson did not immediately respond to a request for comment outside UK business hours.
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A water feature is seen in an empty Merlion Park along Marina Bay in Singapore, March 26, 2020. Photo by Reuters |
Bloomberg reported last week that the U.S. Justice Department is looking into Radiant World’s business, while the Commodity Futures Trading Commission is examining trades involving the company and its creditors, citing people familiar with the matter.
Radiant World has said it conducts its business to the highest commercial and legal standards.
The company has come under scrutiny from counterparties in recent weeks because of concerns about invoices provided to its banks.
Commodities broker Marex Group has frozen all Radiant World’s accounts following allegations that the iron ore trader used invalid invoices to raise funds, according to two sources with knowledge of the matter.
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