KEY POINTS
- Radiant World and its founder, Pinkesh Nahar, are being sued for more than $34 million in Singapore.
- The case was filed by trade-finance firm Incomlend over alleged deceit and unlawful conduct.
- The lawsuit comes amid separate legal action by Mizuho Bank and investigations by US and Singapore authorities.
Radiant World Corp and its founder, Pinkesh Nahar, are facing a lawsuit in Singapore’s High Court over a claim exceeding $34 million.
The case was filed by Incomlend, a Singapore-based trade-finance platform that provides invoice financing. According to court documents filed on August 24, the company is seeking more than $34 million from Radiant World and Nahar.
Amit Sharma, managing director of private investment firm Tanas Capital, is also named as a defendant in the case. Corporate records show that Nahar is a director of Tanas Capital.
The lawsuit adds to growing legal challenges surrounding Radiant World, an iron-ore trading company that has come under increased scrutiny in recent months.
Allegations of deceit
The case against Radiant World and the other defendants is described in the court documents as involving “tort of deceit conspiracy by unlawful means”.
The civil claim relates to alleged misrepresentation and seeks compensation for losses said to have resulted from the conduct in question. The available court filing did not provide further details on the specific allegations or the amount of loss attributed to each defendant.
Radiant World, Nahar and Sharma had not secured legal representation as of the August 24 filing date, according to the court document.
The matter is scheduled to return to court for another hearing on September 29.
The Incomlend lawsuit comes as Radiant World faces another legal action in Singapore.
Mizuho Bank, a subsidiary of Japanese financial group Mizuho Financial Group, has also initiated proceedings against the iron-ore trader and is seeking an injunction against the company.
Beyond the Singapore court cases, Radiant World has also attracted the attention of law-enforcement agencies. The United States Department of Justice and Singapore police are investigating the company, according to earlier reports by Bloomberg.
Radiant World has previously rejected allegations of wrongdoing and maintained that it operates according to high commercial and legal standards.
Incomlend and its legal representatives did not immediately respond to requests for comment on the latest lawsuit. A spokesperson for Radiant World also did not immediately respond to Bloomberg’s questions.
Corporate filings reviewed in connection with the case show that Incomlend is registered as a creditor of Radiant World.
