Mizuho files case against Radiant World in Singapore court

SINGAPORE – Mizuho Bank 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, is seeking an injunction ​against Radiant World Corporation, a court listing showed. Reuters could not find any other instance ⁠of public legal action by a Radiant World creditor.

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.

The court listing did ​not ‌provide details of the injunction sought.

Mizuho Bank declined to comment. A spokesperson for Radiant World did not immediately comment outside ‌U.K. business hours.

Radiant World said in a statement in July that the claims were inaccurate and unsubstantiated.

Pinkesh 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 and KBC Group have frozen some of Radiant World’s ​Singapore bank accounts, while some other lenders have suspended credit lines, Bloomberg News reported earlier in August.