Radiant World has been accused of sending Mizuho Bank a fabricated Glencore email to support US$95.5 million ($135.03 million) in loans, according to a Singapore court filing.
Mizuho Bank, part of Mizuho Financial Group (TYO:8411), alleges the financing was supported by invoices for five iron ore cargoes purportedly sold by Radiant to Glencore (LSE:GLEN).
According to The Straits Times, citing Bloomberg, Radiant emailed a Glencore iron ore operations manager on 5 August seeking confirmation that the commodities group would pay the receivables.
Radiant forwarded Mizuho an attached email the following day that appeared to contain confirmation from the Glencore employee. However, the employee subsequently told the bank he had neither received Radiant’s message nor sent the response, the filing alleges.
Glencore told Mizuho on 11 August that the five transactions and associated invoices did not exist, describing the communications as having been “generated fraudulently”.
Radiant founder Pinkesh Nahar disputes Mizuho’s allegations, saying the bank’s case relies on Glencore’s denial of the trades. He maintains that the transactions were genuine and Glencore had previously confirmed and paid receivables.
Mizuho is seeking to place a key Radiant operating unit under judicial management. Representatives of the bank, Glencore, and Radiant declined to comment on the latest filing.
The proceedings form part of a wider dispute between Radiant and Glencore. Radiant and associated companies are seeking more than US$2 billion ($2.82 billion) from Glencore in a separate Singapore lawsuit.
Glencore calls those claims meritless, while Radiant denies allegations of wrongdoing.
Write to France Pinzon at Mining.com.au
Images: Radiant World
