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Radiant World's $1B Assets Under Fire as Debtors Refuse to Pay

Bloomberg Markets •
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Radiant World's $1.007 billion in trade receivables faces scrutiny as creditors deny owing funds. Four UAE companies—Milla Sky Trading, Thinkertech General Trading, Fly Horse General Trading, and Bigbubble General Trading—collectively owe the firm $329 million, yet Bloomberg's investigation reveals they claim no debt or cannot be contacted. Milla Sky's representative Hassan Ahmad Shihan stated he's never heard of Radiant World or any owed debt.

The balance sheet's top ten receivables account for 94% of the total, led by Glencore International AG at $150.4 million and Vitol Asia Pte at $100.7 million. Mizuho Financial Group seeks court-appointed restructuring executives, citing 'serious doubts' about Radiant's leadership probity, while founder Pinkesh Nahar maintains the company is solvent. Bloomberg first reported concerns in July about Radiant using falsified documents to raise financing.

Radiant denied wrongdoing and disputed Mizuho's request, arguing against judicial management in Singapore court proceedings.