Singapore, September 23, 2026: Troubled iron ore trader Radiant World allegedly sent Mizuho Bank a fabricated email purporting to confirm that Glencore would repay nearly US$100 million, according to details contained in a Singapore court filing. The allegation is part of a widening legal dispute involving Radiant World, several lenders and commodities giant Glencore.
Mizuho’s US$95.5 million exposure
According to Mizuho’s filing, the bank had provided about US$95.5 million in financing linked to five iron ore cargo receivables that Radiant World appeared to have sold to Glencore International AG.
On August 5, Radiant reportedly contacted a Glencore employee seeking confirmation that the receivables would be paid, while copying a Mizuho banker into the correspondence. The following day, Radiant allegedly forwarded Mizuho an email that appeared to be a response from the Glencore employee confirming payment.
The Mizuho banker reportedly became suspicious because he had specifically asked to be included in communications between Radiant and Glencore. When he contacted the Glencore employee directly, the employee said he had neither received the original email nor sent the purported response.
Glencore disputes transactions
Mizuho’s filing says Glencore subsequently told the bank that the five underlying transactions and related invoices did not exist. Glencore characterized the communications as having been “generated fraudulently,” according to the filing.
Glencore has separately said it has evidence that Radiant World and associated companies sent falsified invoices, contracts and fabricated emails to financial institutions while claiming that the communications came from Glencore personnel. Glencore said it has stopped doing business with the companies and is reviewing its historical dealings with them.
Radiant World rejects allegations
Radiant World founder Pinkesh Nahar has disputed the allegations. In an affidavit, he argued that Mizuho’s fraud claim relied heavily on Glencore’s assertion that it had no record of the transactions.
Nahar maintained that the trades were genuine and said Radiant does not accept Glencore’s denial. Radiant World and associated companies have also filed a separate lawsuit against Glencore in Singapore seeking more than US$2 billion in damages, while describing the dispute as a commercial matter.
Wider financing dispute
The Mizuho case is one of several legal actions involving Radiant World. Court documents indicate that the company has substantial outstanding obligations to multiple receivables-finance creditors, while other lenders have also raised allegations concerning invoices and supporting documents.
Mizuho is seeking to place a key Radiant World operating entity under judicial management, with a court case conference scheduled for September 23.
The allegations remain subject to ongoing legal proceedings, and Radiant World has denied wrongdoing. The unfolding dispute could have wider implications for commodity-trade finance, particularly around the verification of receivables and counterparty documentation.