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A private credit fund tied to Jefferies has secured a worldwide freezing order from London’s High Court, targeting up to $499 million in assets connected to iron ore trader Radiant World. The fund’s total exposure to the trader and its affiliated entities has ballooned to nearly $500 million, a figure significantly larger than the roughly $300 million previously disclosed.
The order, obtained by LAM Trade Finance Group II, names Radiant World’s founder Pinkesh Nahar, affiliated entity Sapphire Minmetals, and an individual named Rakesh Sethi. The escalation follows growing concerns over allegedly falsified invoices linked to Radiant’s operations.
From $35 million to half a billion
LAM Trade Finance Group II initially extended $35 million in financing to Radiant World back in 2021. That figure then climbed to several hundred million dollars as Radiant positioned itself as a major force in global iron ore trading.
Radiant World, founded in 2003 by Nahar, grew into a business that trades over 80 million tonnes of iron ore annually. The company reported revenues of $9.6 billion for the year ending September 2025.
Industry giants hit the exits
Vitol, Cargill, and Glencore have all ceased new business dealings with Radiant. Intesa Sanpaolo has also reportedly reevaluated its exposure to Radiant, reflecting a broader reckoning in the trade finance sector about the reliability of invoice-based documentation.
A fund already under pressure
For LAM Trade Finance Group II, the Radiant situation compounds what has already been a difficult period. The fund has been dealing with substantial losses connected to First Brands Group, an auto-parts maker.
The freezing order obtained from London’s High Court is an attempt to lock down whatever recoverable assets remain. Jefferies’ connection to the fund adds a reputational dimension to the financial one.
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