Singapore police raid Radiant World over alleged document falsification

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Singaporean police raided the offices of iron ore trader Radiant World and questioned employees following reports of allegedly falsified documents. Several major commodity traders terminated their relationships with the firm due to concerns regarding the validity of invoices and other documentation provided to banks. The U.S. Justice Department and the Commodity Futures Trading Commission are also investigating transactions involving the company and its creditors. Radiant World denied wrongdoing, stating that it maintains high commercial and legal standards.

Consequences

Radiant World faces ongoing investigations from both Singaporean and U.S. authorities. The company remains excluded from dealings with several major commodity traders who previously cut ties due to the alleged document irregularities.

Sources

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