Jefferies minority-stake fund takes its London freezing order into Singapore, escalating creditor action over disputed Radiant World invoices.

Banks and trading houses have frozen Radiant World's accounts and severed commercial ties, after LAM Trade Finance Group II, in which Jefferies holds a minority stake, secured a worldwide freezing order in London and applied for a freezing injunction in Singapore against Radiant World and its founder, Pinkesh Nahar. The move has pushed the dispute from a London courtroom onto the docket of Singapore's Supreme Court.

The Singapore filing, published on Sept 7 on the court website, also names iron ore trader Sapphire Minmetals and that firm's chairman, Rakesh Sethi, and lists a hearing in the city-state's Supreme Court for Wednesday; the document didn’t disclose the precise remedies sought. Radiant World has denied wrongdoing, and one report put the value of assets covered by the London order at about US$499 million.

London freezing order and who it covers

A London High Court granted a worldwide freezing order on Sept 3 against Radiant World and its founder, Pinkesh Nahar, with the court action brought by a Jefferies-linked trade finance fund and recorded in public court files. worldwide freezing order

Which entities and individuals were named

The filings and reports identified multiple companies and people linked to the trader.

  • Radiant World, the Singapore-headquartered trading group.
  • Radiant World Holding Ltd.
  • Radiant World Corporation Pte Ltd.
  • Founder and director Pinkesh Nahar.
  • Sapphire Minmetals.
  • Rakesh Sethi, identified as chairman of Sapphire Minmetals.

How the order was communicated to counterparties

Lawyers for the Jefferies-linked fund wrote to several of Radiant World’s counterparties to inform them that the freezing order’d been granted. Court records available at the time didn’t set out further details of the claims or the remedies sought.

Singapore injunction filing and parallel suits

Details named in the Singapore filing

LAM Trade Finance Group II, in which Jefferies holds a minority stake, applied for a freezing injunction in Singapore against Radiant World and its founder Pinkesh Nahar, and the filing also names Sapphire Minmetals and Rakesh Sethi, as shown on the city-state's court register. The Singapore filing’s listed for a hearing in the Supreme Court on Wednesday, but the documents on the public docket don’t disclose the precise remedies the applicant’s seeking. Banks have frozen accounts and several trading houses have severed ties with Radiant World amid concerns that invoices used to secure trade finance may not have been valid, and Radiant World has denied wrongdoing.

Mastheads

The Singapore application follows a London High Court worldwide freezing order that targeted Radiant World, Radiant World Holding Ltd, Radiant World Corporation Pte Ltd and founder Pinkesh Nahar, a move that has been part of a growing wave of creditor action against the trader. Separately, lenders and plaintiffs have stepped forward with parallel claims, including an Incomlend claim for about US$34 million, while a major bank has moved to place Radiant World’s Singapore unit under judicial management. One report put the value of assets subject to the earlier freezing order at about US$499 million.

Singapore hearing scheduled in Supreme Court

What the court listing shows and what remains unspecified

The Supreme Court has listed a hearing for Wednesday after LAM Trade Finance Group II applied for a freezing injunction in Singapore, but the court filing itself disclosed few details. The application names Radiant World and its founder Pinkesh Nahar, and it also includes Sapphire Minmetals and that firm’s chairman, Rakesh Sethi.

The listing records the parties involved and the hearing date, yet it doesn’t set out the precise remedies sought or the timetable for the proceedings. No documentation in the court entry indicated the lengths of witness examinations, the scope of evidence, or any interim steps beyond the initial hearing.

The Singapore filing arrived amid a stream of counterpart actions: several banks and trading houses have frozen accounts or severed ties as concerns mounted that invoices used to obtain trade finance may not have been valid. Separate legal moves against Radiant World include other creditor claims and efforts to place its Singapore unit under court oversight.

One report put the value of assets subject to the freezing order at about the same figure mentioned earlier in the article.

Originally reported by The Edge Markets.

Sinead Walsh is the Features Editor at Clovers Report, where she leads the lifestyle desk and oversees the publication's consumer guides and long-form analysis. Her beat covers the practical decisions Irish readers face every day - from understanding USC and PRSI deductions to comparing broadband providers, navigating the rental market under RPZ rules, and making sense of Ireland's evolving healthcare system.

Before joining Clovers Report, Sinead spent six years at a Dublin-based lifestyle magazine, starting as a junior writer on the money pages and working her way up to deputy features editor. She learned her craft fact-checking mortgage comparison articles and writing deep dives into the real cost of renting and buying in Ireland's most pressurised housing markets.

Sinead's approach to feature writing is practical and reader-first. Her guides are built around the questions people actually search for, not the topics editors find intellectually interesting. She has written extensively about Revenue tax credits, medical card eligibility, tenant rights under Irish law, first-time buyer Help to Buy schemes, and the childcare cost crisis across Irish counties.

She graduated from University College Dublin with a degree in English and History. She lives in Dublin and has never once successfully predicted the weather, which she considers a defining characteristic of living on this island.

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