A company that claimed $9.6 billion in annual revenue and moved over 80 million metric tons of iron ore per year is now watching its business relationships disintegrate in real time. Radiant World, the Singapore-based trading house founded by Pinkesh Nahar, has seen some of the biggest names in commodities and banking walk away in a matter of weeks.
The unraveling began in late July 2026 when Vitol Group, Cargill, and Glencore, three of the world’s most influential commodity trading firms, all stopped doing business with Radiant. The reason: allegations that the company had provided invalid invoices.
The dominoes fall fast
Once the major traders stepped back, the banks followed. Deutsche Bank and KBC froze some accounts linked to Radiant World in August 2026. Credit lines were suspended.
Radiant’s revenues roughly doubled from around $4.5 billion in 2023 to $9.6 billion in fiscal year 2025. The firm built its operation on strong trade finance relationships with numerous banks and close ties to major commodity miners and traders.
Mining giants Rio Tinto and Vale have both removed Radiant from their approved customer lists.
Banks count the cost
Intesa Sanpaolo, the Italian banking group, has provisioned for approximately €200 million of exposure to Radiant, though the bank indicated the hit would not significantly impact its 2026 profits. Jefferies’ Point Bonita fund is reviewing its own exposure, which sits at less than $300 million.
Creditor claims against Radiant World’s Singapore entity have more than doubled, rising from 10 to 21 since early 2025. Mizuho filed for insolvency proceedings against Radiant World in late August 2026. Singapore Police are now investigating the allegations against the company. Staff layoffs have followed.
How trade finance works, and breaks
Companies like Radiant don’t typically buy iron ore with their own cash. They use short-term bank financing, essentially borrowing against the value of cargo in transit. The bank lends money, the trader buys the commodity, ships it, sells it, and repays the loan. The whole system runs on documentation — invoices, bills of lading, warehouse receipts. If the paperwork is unreliable, the entire financing chain seizes up.