Radiant World disputes claims of falsified trade documents as major commodity traders Vitol, Cargill, and Glencore pull back.
Radiant World has disputed claims that its trade documents were invalid or falsified, following reports that major commodity traders Vitol, Cargill, and Glencore have pulled back from the company. Bloomberg reported that the concerns regarding paperwork reliability led creditors to reassess their exposure. Italy's Intesa Sanpaolo bank has already booked provisions against a €200 million position, while Jefferies Financial Group’s Point Bonita fund is investigating approximately $300 million of trade-finance exposure. Radiant World stated that its operations continue normally and characterized the allegations as inaccurate and unsubstantiated. The company maintains that it conducts business to the highest commercial and legal standards while complying with with all due diligence requirements. While Vitol, Cargill, and Glencore have adjusted their business with Radiant World, the company remains focused on serving its customers and maintaining longstanding relationships with its commercial and financing partners.