SINGAPORE – Radiant World and its founder are being sued in Singapore’s High Court by a local trade-finance firm, adding to mounting legal pressure on the iron ore trader.
Incomlend, a platform that provides invoice financing, is seeking over US$34 million (S$43.2 million) from the company and founder Pinkesh Nahar, according to a court document filed on Aug 24. Amit Sharma, managing director of private investment firm Tanas Capital, is also named in the filing as a defendant.
Nahar is listed in corporate filings as a director of Tanas Capital.
The case against Radiant World, the group’s main operating unit, is listed as “tort of deceit conspiracy by unlawful means”, a civil cause of action where a misrepresentation has been made and the victim is seeking to recover losses. No further details were given.
As at the filing date, the company and the two defendants had not secured legal representation and a further hearing will take place on Sept 29.
The case adds to legal action initiated in Singapore by Mizuho Bank, a unit of Japanese lender Mizuho Financial Group, which is seeking an injunction against Radiant World. The US Department of Justice and the Singapore police are also carrying out investigations into the company, Bloomberg reported previously.
Incomlend and its legal representatives did not immediately respond to requests for comment. A spokesperson for Radiant World also did not immediately respond to Bloomberg queries. The company has previously denied wrongdoing and said that it conducts its business to the highest commercial and legal standards.
Corporate filings show that Incomlend is registered as a creditor of Radiant World. BLOOMBERG
