Deutsche Bank, KBC freeze some of Radiant World's Singapore bank accounts, Bloomberg News reports (updated)

Vale

06/08/2026 15:13

Adds Radiant World and KBC decline to comment in paragraphs 4 and 6
Aug 6 (Reuters) - Deutsche Bank DBKGn.DE and KBC Group NV KBC.BR have frozen some of Radiant World's Singapore bank accounts, while some other banks have suspended credit lines, Bloomberg News reported on Thursday.
Mining companies Rio Tinto RIO.L and Vale SA VALE3.SA have meanwhile struck Radiant World, one of the world's largest iron ore traders, off their lists of approved customers, the report added, citing people familiar with the matter.
Scrutiny around Radiant World has intensified after Bloomberg News reported last week that commodity trading houses Cargill and Vitol Group had cut ties with the firm over concerns that invoices or other documents Radiant World had provided to its banks were not valid.
Radiant World previously described those claims as "inaccurate and unsubstantiated". It declined to comment on Thursday's report.
Rio Tinto declined to comment. The miner has no major exposure to Radiant World, its iron ore chief executive Matthew Holcz said on Wednesday.
Deutsche Bank, Vale and KBC Group declined to comment.
Miner and trader Glencore's GLEN.L CEO Gary Nagle on Wednesday said the company had taken some provision in its accounts related to Radiant World and stopped doing new business with the firm, adding that its exposure was not material.    

 (Reporting by Gursimran Kaur, Anousha Sakoui, Divya Rajagopal, Veronica Brown and Tom Daly. Editing by Janane Venkatraman and Mark Potter)
 ((GursimranKaur.Mehar@thomsonreuters.com;))