SINGAPORE: Radiant World has disclosed US$870mil outstanding to six creditors who financed its receivables, according to a spreadsheet included in a legal filing by the embattled commodity trader.
The spreadsheet showed the two largest exposures as being held by Jefferies Financial Group Inc and Intesa Sanpaolo SpA, followed by Deutsche Bank AG, Mizuho Financial Group Inc, Mariner Investment Group and Incomlend Pte.
The spreadsheet is the first comprehensive accounting to become public of lenders’ exposure to Radiant World.
It showed that Radiant’s lenders under traditional commodity trade finance and repo facilities have been repaid, while its lenders under receivables financing facilities are still owed substantial amounts of money.
At least two lenders under receivables financing facilities have accused Radiant World in legal proceedings of providing them with falsified documents under those facilities, with a lawyer for Jefferies last week accusing Radiant World of being part of a “very large scale fraud”.
Radiant World has denied wrongdoing and said the allegations stem from a commercial dispute with Glencore Plc.
The spreadsheet is included as an attachment to an affidavit from Radiant World founder and owner Pinkesh Nahar.
It covers exposures for Radiant World’s main Singapore operating entity, Radiant World Corporation Pte, but not facilities for related companies such as Sapphire Minmetals and Quanterra International.
The spreadsheet is not dated, though the affidavit was signed by Nahar in Mumbai on Sept 16.
Of the 19 non-receivables facilities listed in the spreadsheet, the only one shown as having outstanding exposure is a KBC Group NV letter of credit facility, with US$18mil outstanding.
However, Nahar said in the affidavit that this was in the process of being settled, and a spokesperson for KBC told Bloomberg on Monday it had “no exposure to Radiant at all.” — Bloomberg
