Radiant World Fails to Pay Salaries Amid Fraud Allegations

Radiant World failed to pay September salaries to employees across Singapore, China, and Europe as the iron ore trader faces a severe financial and legal crisis. The payment delays follow accusations from multiple lenders that the company used falsified documents to raise funds.

Legal turmoil began in August when Mizuho Trust & Banking initiated proceedings to remove the management of the company's primary Singapore operating entity, alleging the bank was a victim of fraud. In September, a Singapore court granted the request and appointed KPMG as the interim judicial manager to oversee operations, ruling that the trader was likely unable to pay its debts.

While Radiant World denies any wrongdoing, several banks have severed ties with the firm. KPMG executives have begun interviewing current and former staff to investigate the company's affairs. In recent months, the company had utilized an account in Dubai to facilitate salary payments.