Singapore High Court judge tasks interim managers with probing suspected fraud at Radiant World新加坡高等法院法官责成临时管理人员调查Radiant World涉嫌欺诈事件。
SINGAPORE - A Singapore High Court judge said interim judicial managers were needed at Radiant World to investigate suspected fraud at the iron ore trader, according to a copy of a document seen by Reuters.The judge on Thursday (Sept 24) ordered the appointment of KPMG as interim managers.Judge Kristy Tan wrote there was enough initial evidence that Radiant World "is...
SINGAPORE - A Singapore High Court judge said interim judicial managers were needed at Radiant World to investigate suspected fraud at the iron ore trader, according to a copy of a document seen by Reuters.
The judge on Thursday (Sept 24) ordered the appointment of KPMG as interim managers.
Judge Kristy Tan wrote there was enough initial evidence that Radiant World "is or is likely to become unable to pay its debts," to support the appointment, according to the document dated Thursday in a case brought by Radiant World creditor Mizuho Bank.
Radiant World has faced mounting challenges since banks and counterparties began distancing themselves because of concerns that invoices provided to its banks may not have been valid. It has denied the allegations.
Radiant World, its spokesperson, and founder Pinkesh Nahar did not immediately respond to requests for comment on Friday.
Radiant World has said interim managers are not needed
It has said previously there is no need to appoint interim judicial managers because it is not insolvent and that doing so would not be in the best interest of its creditors.
Court-appointed managers typically take over management of companies while the court decides whether to appoint a full judicial manager.
"There is an urgent need for interim judicial managers to investigate the company's affairs in the light of the prima facie pattern of fraudulent conduct on the part of the company's management that has been seen," the judge wrote.
"The interim judicial managers will be placed to ascertain how endemic any fraud is," she wrote.
The judge also said interim managers were needed to restore "some degree of external confidence" in Radiant World after financiers and trading counterparties froze accounts, issued demands and withdrew from commercial relationships.
Mizuho in June provided some US$100 million (S$128 million) in credit to Radiant World that was secured by invoices that a counterparty to the iron ore trader later said were invalid, Reuters reported earlier this month, citing documents and a source with direct knowledge of the matter.
The bank filed a case against Radiant World in Singapore's Supreme Court in August.
The order from the High Court judge, part of the Supreme Court, is based on a preliminary assessment and is not the final finding.
新加坡——据路透社看到的一份文件副本显示，新加坡高等法院一名法官表示，Radiant World需要临时司法管理人员来调查这家铁矿石贸易商涉嫌的欺诈行为。
法官于周四（9月24日）下令任命毕马威会计师事务所为临时管理人。
根据 Radiant World 债权人瑞穗银行周四提起的诉讼文件中，法官 Kristy Tan 写道，有足够的初步证据表明 Radiant World“现在或将来可能无法偿还债务”，足以支持任命。
由于银行和交易对手担心Radiant World向银行提供的发票可能无效，并开始与其保持距离，该公司面临的挑战日益严峻。Radiant World否认了这些指控。
Radiant World、其发言人兼创始人 Pinkesh Nahar 周五均未立即回应置评请求。
Radiant World公司表示不需要临时管理人员。
该公司此前曾表示，由于其并未破产，因此没有必要任命临时司法管理人，而且这样做不符合其债权人的最佳利益。
在法院决定是否任命正式司法管理人期间，法院通常会指定管理人接管公司的管理。
法官写道：“鉴于已发现该公司管理层存在欺诈行为的初步迹象，迫切需要临时司法管理人员对该公司事务进行调查。”
她写道：“临时司法管理人员将负责查明欺诈行为的普遍程度。”
法官还表示，在金融机构和交易对手冻结账户、提出要求并退出商业关系后，需要临时管理人员来恢复 Radiant World 的“一定程度的外部信心”。
据路透社本月早些时候报道，瑞穗银行在6月份向Radiant World提供了约1亿美元（1.28亿新元）的信贷，该信贷以发票作担保，但这家铁矿石贸易商的交易对手后来表示这些发票无效。路透社援引文件和一位直接了解此事的消息人士的话报道了此事。
8 月，该银行在新加坡最高法院对 Radiant World 提起诉讼。
最高法院下属高等法院法官的命令是基于初步评估，并非最终裁决。