LAM Trade Finance Group II, a minority-stake recipient of Jefferies, submitted a pre-action application to the London High Court on August 27. The filing names Radiant World founder Pinkesh Nahar, Sapphire Minmetals Corp, and chairman Rakesh Sethi as defendants. While court documents remain sealed, the move follows a series of allegations regarding potentially invalid invoices that have already led several lenders to freeze business relations with the commodity trader.
Legal pressure is intensifying across multiple jurisdictions. Mizuho Bank has launched a separate case against Radiant World’s Singaporean operating entity, while trade-finance firm Incomlend is currently pursuing a $34 million claim against the company and Nahar in Singapore. The controversy has also drawn scrutiny toward the relationship between Radiant World and Sapphire Minmetals, which Glencore CEO Gary Nagle recently described as a single group—a characterization Sethi disputes. Representatives for Jefferies, Radiant World, and the named executives have not yet provided comment on the ongoing disputes.
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