Glencore Plc has accused Radiant World of fraudulently generating email correspondence to deceive Mizuho Bank Ltd. regarding alleged iron-ore receivables worth nearly $100 million, according to legal filings obtained by Bloomberg News in September 2026. The Switzerland-based commodities trader's allegations emerged as part of a lawsuit filed in Singapore, where Mizuho has accused Radiant World of fraud linked to iron-ore receivables that Glencore appeared to owe Radiant World. Mizuho is one of several lenders that have launched legal proceedings against Radiant World since Bloomberg first reported in July 2026 concerns that the trader had been raising capital using falsified documents.
According to the court filing, Mizuho extended $95.5 million in loans to Radiant World less than two months before discovering the alleged fraud. The financing deal was purportedly underpinned by invoices for five iron-ore cargoes that Radiant World claimed to have sold to Glencore International AG. The sequence of events unfolded over the course of a week in August 2026.
On August 5, Radiant World contacted Mark Francis, Glencore's iron-ore operations manager, seeking confirmation that Glencore would pay the receivables. Radiant World copied a Mizuho banker on the correspondence at the lender's request. The following morning, Radiant World forwarded the Mizuho banker an email attachment purporting to be a reply from Francis confirming that Glencore would make payment.
However, the banker became suspicious because he had specifically requested to be included in direct correspondence between Radiant and Glencore. When the banker contacted Francis directly to thank him for confirming payment, Francis stated he had not received Radiant's August 5 email and had not sent any reply. After conducting further checks, Glencore informed Mizuho on August 11 that the five underlying transactions and the invoices submitted by Radiant World did not exist.
Glencore's analysis determined that the communications had been generated fraudulently. Radiant World founder Pinkesh Nahar has argued in an affidavit filed in the Mizuho case that the bank's fraud claim relies entirely on Glencore's assertion that it has no record of the trades. Radiant World has previously denied wrongdoing and characterized the accusations as stemming from a commercial dispute with Glencore.
Spokespeople for Mizuho, Glencore, and Radiant World declined to comment further on the matter. The case represents part of a broader pattern of alleged misconduct at Radiant World, with multiple lenders having initiated legal action against the trader following the July 2026 disclosure of document falsification concerns.
Source: mining.com