A Singapore court placed Radiant World Corporation under interim judicial management on September 24, appointing KPMG executives Toh Ai Ling, Adrian Chan and Tan Yen Chiaw to oversee the company. The order followed Mizuho Bank’s allegation that Radiant World fabricated $97.3 million in receivables linked to purported iron ore sales to Glencore International AG. Radiant World reported $9.6 billion in fiscal 2025 revenue and $140.9 million in net profit, but is also subject to a $499.2 million asset freezing order. Judicial management (court-supervised company control) gives KPMG authority over major decisions while it assesses the company’s finances and determines whether the business can be restored or wound down. Radiant World denies wrongdoing and says the matter is a commercial dispute involving legitimate transactions. It sued Glencore in Singapore on September 16, seeking more than $2 billion in damages and saying its operations complied with industry standards. Vitol and Cargill have reduced their dealings with Radiant World, while Singaporean law enforcement and U.S. authorities investigate its operations. KPMG’s immediate task is to compare the company’s actual financial position with its reported figures, amid concerns that receivables discrepancies could affect counterparties and supply chains.