Jefferies-backed fund secures freezing order against Radiant World

Regulation
โดย Seeking Alpha·GB·Read original
Summary · why it matters

A fund linked to Jefferies has secured a freezing order from a London court against iron ore trader Radiant World and its founder, amid concerns over the validity of invoices provided to banks. LAM Trade Finance Group II, in which Jefferies holds a minority stake, filed a pre-action application with London's High Court on August 27, naming Radiant World, founder Pinkesh Nahar, Sapphire Minmetals, and its chairman Rakesh Sethi as defendants. The filing marks the first litigation in Britain in the Radiant World saga, which has prompted some counterparties and lenders to halt or restrict business with the firm. Separately, Mizuho Bank has taken legal measures to remove management of Radiant World's Singapore unit, and trade-finance firm Incomlend is suing Radiant World and Nahar in Singapore for $34 million.

Impact on stocks 2

Financials▼ · 2 stocks
Jefferies Financial Group Inc
JEF
▼ NegativeRegulationrelevance

Jefferies-backed LAM Trade Finance secured a freezing order against Radiant World over questionable invoices, exposing Jefferies to litigation risk.

Mizuho Financial Group, Inc.
8411
▼ NegativeRegulationrelevance

Mizuho Bank took legal measures to remove management of Radiant World's Singapore unit amid the trade-finance scandal.

Off-coverage companies 4

Radiant WorldPrivate▼ Negative
Regulationrelevance

Radiant World faces a London freezing order, Mizuho legal action, and a $34m Singapore lawsuit over invoice validity.

LAM Trade Finance Group IIPrivate▲ Positive
Regulationrelevance

LAM Trade Finance Group II secured a freezing order from London's High Court against Radiant World and its founder.

Sapphire MinmetalsPrivate▼ Negative
Regulationrelevance

Sapphire Minmetals and its chairman are named defendants in the London freezing order tied to Radiant World.

IncomlendPrivate▼ Negative
Regulationrelevance

Incomlend is suing Radiant World and Nahar in Singapore for $34 million, a legal action tied to the Radiant World invoice saga.

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