Singaporean police raided the local office of iron ore trader Radiant World last week and questioned some of the firm’s employees, according to people familiar with the matter, part of an investigation into the company’s transactions after some counterparties raised concerns about allegedly falsified documents.
Several major commodity traders have cut ties with the company amid concerns that it provided invoices or other documents to its banks that weren’t valid, Bloomberg has reported.
A spokesperson for the Singapore police said that investigations were ongoing and further details were not available.
Radiant World declined to comment in response to questions for this story. The company separately told Bloomberg: “The company is engaging with the relevant authorities, and it would not be appropriate to comment further while those processes are ongoing.” It said it would not litigate the company’s affairs through the media.
The Singapore police confirmed it was looking into Radiant World last Thursday, saying that reports had been lodged against the trader, without indicating who had made the complaints. The US Justice Department and Commodity Futures Trading Commission are also probing transactions involving Radiant World and its creditors, Bloomberg has reported previously.
Radiant World has not been accused of wrongdoing and investigations do not always lead to charges. The company has previously denied wrongdoing and said that it conducts its business to the highest commercial and legal standards.