A Singapore court appointed KPMG restructuring executives to take charge of Radiant World on Thursday, granting an application by creditor Mizuho Bank, which has accused the trader of fraud linked to iron ore receivables. The decision removes Radiant World founder Pinkesh Nahar’s control over the group’s key operating entity, opening a new chapter in a saga that has gripped the global commodities industry since reports in July of concerns that it had been using falsified documents to raise money from banks. KPMG executives Toh Ai Ling, Adrian Chan and Tan Yen Chiaw will be interim judicial managers of Radiant World Corporation, the trader’s key operating entity in Singapore, according to people familiar with the court’s decision, which was communicated on Thursday.
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