Business
Vitol told Deutsche Bank Radiant contracts were fake
Livemint··15h ago
A Singapore court ruling says Vitol told Deutsche Bank in August that Radiant World contracts bearing CFO Jay Ng's signature were fake. Vitol lacked records for six invoices and called assent documents false. Deutsche Bank sought about $48.6 million in repurchases and moved about $11.25 million from Radiant accounts. Radiant's lawyers denied the paperwork was false.
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What It Means For You
- Deutsche Bank stated maximum Radiant exposure at $102.59 million and said it is pursuing recovery options.
- Banks that bought receivables backed by trading-house invoices may rerun document checks on similar loans.
- Radiant sits under interim judicial management following lender petitions in Singapore.
What's Happening
- Deutsche Bank had purchased seven receivables backed by iron ore sale invoices earlier in 2026.
- Glencore told the bank a referenced transaction used different dates and non-assignable terms.
- Vitol's Aug. 4 message said Radiant documents evidencing assent were all false.
Lender exposure to Radiant World
- Bloomberg reported in July that Vitol and Glencore halted business with Radiant over document concerns.
- Judge Francis Mathew placed Radiant under interim management on a Mizuho Bank petition.
- Radiant's lawyers denied Deutsche Bank allegations that submitted paperwork was false.
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