Radiant World May Hold Just 10K in Cash
Lawyers for a Jefferies-linked fund suing Radiant World over an alleged fraud claim the iron ore trader holds only 10000 dollars in cash. This sharply contrasts with financial statements referring to cash balances exceeding 200 million dollars.
Xurve View
Insights:
Xurve View
Iron ore trader Radiant World may hold just $10,000 in cash despite reporting over $200 million on recent financial statements, lawyers for a JEFFERIES FINANCIAL GROUP IN-linked fund said on Thursday afternoon. The discrepancy emerged during a High Court hearing in the United Kingdom over an alleged $500 million international fraud claim. The case highlights severe governance risks in commodities trading as multiple jurisdictions pursue freezing orders against the firm.
