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# Mizuho faces $100 million trade-finance exposure after Glencore disputes invoices
- URL: https://www.theglobalbanker.com/mizuho-faced-100-million-trade-finance-exposure-after-glencore-disputed-invoices/
- Published: 2026-09-11T20:01:08.000Z
- Updated: 2026-10-02T10:06:16.000Z
- Description: Mizuho Bank provided approximately $100 million of credit to Singapore commodity trader Radiant World against invoices that Glencore subsequently said it did not recognise.
- Author: TGB Editorial Team
- Tags: Banking News, Asia-Pacific

Mizuho Bank provided approximately $100 million of credit to Singapore commodity trader Radiant World against invoices that Glencore subsequently said it did not recognise.

The financing was extended in June and secured against invoices that purported to relate to iron-ore sales by Radiant World to Glencore. Glencore told Mizuho in early August that it did not recognise the invoices. The details of Mizuho’s financing were first reported by Reuters on 11 September, citing documents.

Mizuho, the banking arm of Japan’s Mizuho Financial Group, declined to comment on the exposure. Radiant World has rejected allegations that it supplied invalid invoices to obtain financing, while Singapore police are investigating the commodity trader after receiving reports concerning the company. Glencore, which said in early August it had booked a provision on its exposure to Radiant World, said on 11 September it had “stopped all business and exited all obligations” with the company.

#### GLENCORE AND RADIANT WORLD

“Glencore has incurred losses and been exposed to risks by Radiant’s actions and will take appropriate action,” a Glencore spokesperson said, without elaborating.

Founded by Pinkesh Nahar in 2003, Radiant World has become one of the world’s largest iron ore traders and says it traded more than 80 million metric tons of iron ore last year.