Radiant Cuts More Jobs After Founder Loses Control of Firm

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.

Radiant World is cutting staff beyond its core iron ore business after a Singapore court last week took control of the troubled commodity trader away from its founder. The latest reductions include staff working in operations and execution for base metals, according to people familiar with the matter. Those functions had been relatively insulated from previous layoffs, which were heavily focused on its iron-ore unit.

Radiant’s base metals trading business, focused on refined copper and primary aluminum, operated largely independently from its iron ore division. A number of employees in the unit had remained at Radiant even as the company shed traders and operations staff elsewhere in recent months. The iron ore business has been at the center of allegations that Radiant provided falsified documents to secure hundreds of millions of dollars in financing.

The company has denied wrongdoing. A Singapore court appointed KPMG restructuring executives to take charge of the trader’s key operation unit in the country on Sept. 24, wresting control away from founder Pinkesh Nahar at the request of creditor Mizuho Bank Ltd. Mizuho sought judicial management after suing Radiant over $97.3 million in receivables purportedly arising from iron ore sales to Glencore International AG.

A fund run by Jefferies Financial Group Inc. has separately won a freezing injunction in Singapore against Radiant World and Nahar.