Archive · 26 Sep 2026
Vitol Told Deutsche Bank Radiant CFO Contracts Were Fake
Radiant World borrowed money from banks using documents about sales of iron ore.
Deutsche Bank later asked Vitol and Glencore whether those documents were real.
Vitol said it could not find records for six invoices.
Vitol also said contracts carrying its CFO’s signature were not authorized.
Glencore said one deal had happened, but the dates and rules were different.
Deutsche Bank then said it believed some transactions were false or fraudulent.
It demanded that Radiant World repay the money connected to the deals.
Radiant World denied that its documents were false.
A Singapore judge placed Radiant World under interim judicial management.
Vitol Group told Deutsche Bank that six invoices and related contracts from Radiant World were not genuine.
Vitol said documents showing CFO Jay Ng’s signature had not been authorized or executed by him.
Glencore said one referenced transaction occurred under different dates and terms that barred outside financing.
Deutsche Bank demanded about $48.6 million for three receivables and later sought repayment of four more.
Radiant World denied that its documents were false and has repeatedly denied wrongdoing.
- Who
- Radiant World, Deutsche Bank AG, Vitol Group, Glencore plc, and Mizuho Bank Ltd.
- What
- Deutsche Bank said documents supporting Radiant World’s receivables financing appeared false or fraudulent and sought repayment.
- When
- The key communications occurred in early August; the Singapore court ruling was issued on Thursday.
- Where
- Singapore, with transactions involving Vitol Group and Glencore plc.
- Why
- Deutsche Bank investigated after concerns arose that Radiant World had supplied banks with false documents to obtain loans.
Deutsche Bank and Lenders
Radiant World
Authenticity of documents
Deutsche Bank and Lenders
Deutsche Bank said Vitol-related documents appeared false or fraudulent after Vitol said it had no records of six invoices and that related contracts were unauthorized.
Radiant World
Radiant World denied Deutsche Bank’s allegations that the documents it provided were false and has repeatedly denied wrongdoing.
Glencore transaction
Deutsche Bank and Lenders
Deutsche Bank said the Glencore receivable did not exist for financing purposes and sought repayment after Glencore described different dates and contractual terms.
Radiant World
The available account does not provide a separate detailed response from Radiant World on the Glencore transaction.
Financial recovery
Deutsche Bank and Lenders
Deutsche Bank demanded repayment of relevant receivables, transferred about $11.25 million held in Radiant World accounts, and said it was pursuing all available recovery options.
Radiant World
Radiant World’s lawyers rejected the allegations; the company’s position on the specific recovery measures was not detailed in the article.
- Deutsche Bank maximum exposure
- $102.59 million
- Initial repayment demand
- About $48.6 million for three Vitol-related receivables
- Funds transferred
- About $11.25 million from Radiant World accounts to Deutsche Bank’s Singapore subsidiary
- Vitol invoice records
- Vitol said it had no records of six invoices
- Vitol contract signatures
- Vitol said contracts bearing CFO Jay Ng’s signature were not executed or authorized by him
- Court action
- A Singapore judge placed Radiant World under interim judicial management