Vitol, Cargill, Glencore cut ties with Radiant World, Bloomberg News reports
JEF•Creditors review exposure
At least two creditors, Intesa Sanpaolo SpA ISP.MI and Jefferies Financial Group's JEF.N Point Bonita fund, are reviewing their exposure to the company, Bloomberg said.
An Intesa spokesperson told Reuters that it has an exposure of €200 million ($229.70 million) to Radiant World for which it has booked provisions.
Additional reporting details
$1 = 0.8707 euros
(Reporting by Kanjyik Ghosh and Valentina Za; Editing by Joe Bavier)
Trading houses cut ties with Radiant World
Vitol Group and Cargill have stopped trading with Radiant World, one of the world's largest iron ore traders, Bloomberg News reported on Friday, adding that Glencore GLEN.L is no longer doing new business with the company.
Two of the trading houses saw invoices or other documents that Radiant World had provided to its banks that were not valid, the report said, citing people familiar with the matter. The third trading house pulled out after being informed about concerns over falsified documents, Bloomberg reported.
