Mizuho Bank files case against Radiant World in Singapore (updated)

KBC Groep NV

28/08/2026 11:21

Updates with Incomlend suit in paragraphs 3 and 5
SINGAPORE, Aug 28 (Reuters) - Japan's Mizuho Bank Ltd has filed a case against the Singapore operating entity of iron ore trader Radiant World in the city-state's Supreme Court, according to the court's website.
Mizuho Bank, the banking unit of Mizuho Financial Group 8411.T, is seeking an injunction against Radiant World Corporation, a court listing showed on Friday. The court listing did not provide details of the injunction sought.
Another creditor, Singapore trade-finance firm Incomlend, is suing the company and its founder Pinkesh Nahar for $34 million, Bloomberg News reported on Friday, citing a court document. 
Some banks have frozen Radiant World's accounts and trading houses have severed ties on concerns the commodity trader had supplied invalid invoices to raise financing. Singapore Police confirmed this week that reports were lodged and investigations were ongoing.
Mizuho Bank declined to comment. Incomlend did not immediately respond to a request for comment. A spokesperson for Radiant World did not immediately respond to a request for comment. 
Radiant World said in a statement in July that the claims were inaccurate and unsubstantiated.
Nahar founded Radiant World in the early 2000s, according to the company's website, which says it trades more than 80 million metric tons of iron ore annually. 
Deutsche Bank DBKGn.DE and KBC Group NV KBC.BR have frozen some of Radiant World's Singapore bank accounts, while some other lenders have suspended credit lines, Bloomberg News reported earlier in August.

 (Reporting by Solomon Cefai; Additional Reporting by Anton Bridge; Editing by Jacqueline Wong and Tomasz Janowski)
 ((solomon.cefai@thomsonreuters.com;))