作者：Archie Hunter、Jack Farchy、Irene García Pérez在多家银行指控 Radiant World 通过出售虚假发票实施大规模欺诈的几个月前，一家私人信贷基金放弃了一项向这家贸易行提供 7.5 亿美元融资的交易。
By Archie Hunter, Jack Farchy and Irene García Pérez Months before several banks accused Radiant World of perpetrating a massive fraud by selling them fake invoices, one private credit fund walked away from a $750 million deal to finance the trading house.
据知情人士透露，问题出在一个表面上看似基本的环节：Radiant World 拒绝让这家信贷基金——Stephen Ketchum 旗下的 Sound Point Capital——通过与其客户交谈来核实发票。
The issue was an apparently basic one, according to people familiar with the discussions: Radiant World refused to let the credit fund, Stephen Ketchum’s Sound Point Capital, verify its invoices by talking to its customers.
Radiant World 与 Sound Point 之间告吹的谈判此前未曾披露，这为今年早些月份那段混乱时期投下了新的光亮，当时 Radiant World 正争分夺秒寻求新融资，因为一些放贷人和交易对手已开始退出。这也给那些确实向 Radiant World 提供贷款的银行和基金提出了疑问，其中一些机构直到彭博社报道其涉嫌利用伪造文件融资后，才首次尝试与 Radiant World 的客户取得联系。
The abortive talks between Radiant World and Sound Point, which haven’t previously been reported, shine a new light on the chaotic months earlier this year, when Radiant World raced to secure new financing as some lenders and counterparties backed away. They also raise questions for the banks and funds that did lend to Radiant World, some of which first attempted to communicate with Radiant World’s customers only after Bloomberg reported on concerns it had been raising money using falsified documents.
直到今年之前，Radiant World 还是全球顶级铁矿石贸易商之一，如今正面临从伦敦到新加坡等地法院的债权人追偿。包括德意志银行、Jefferies Financial Group Inc.、意桑帕洛银行和瑞穗金融集团在内的多家银行指控其实施了安然公司以来可能最大宗的大宗商品欺诈之一。一名 Jefferies 旗下基金的律师在法庭文件中称，Radiant World 及与其关系密切的公司 Sapphire Minmetals“在工业规模上伪造和篡改”法律和财务文件。
Radiant World, until this year one of the world’s top iron ore traders, is now being pursued by creditors in courts from London to Singapore, as banks including Deutsche Bank AG, Jefferies Financial Group Inc., Intesa Sanpaolo SpA and Mizuho Financial Group Inc have accused it of perpetrating what could be one of the largest commodity frauds since Enron Corp. Radiant World and closely connected company Sapphire Minmetals “fabricated and falsified” legal and financial documents “on an industrial scale,” a lawyer for a Jefferies-run fund said in a filing.
Sound Point 代表拒绝置评，Radiant World 发言人未回应置评请求。Radiant World 和 Sapphire Minmetals 均否认有任何不当行为。
A representative for Sound Point declined to comment, while a spokesperson for Radiant World didn’t respond to a request for comment. Radiant World and Sapphire Minmetals have both denied wrongdoing.
据知情人士透露，辉煌世界（Radiant World）于2025年11月左右开始与总部位于纽约、专注于信贷领域的另类资产管理公司Sound Point进行洽谈，因未获授权公开发言，知情人士要求不具名。讨论围绕一笔约7.5亿美元的信贷融资展开，该融资本可让辉煌世界以发票为抵押筹集资金。
Radiant World started talking to Sound Point, a New York-based alternative asset manager specializing in credit, in around November 2025, the people said, asking not to be identified as they weren’t authorized to talk publicly. The discussions centered on a credit facility for about $750 million that would have allowed Radiant World to raise money money against invoices, they said.
这一被称为“保理”的流程，涉及公司向融资方出售发票以换取现金。融资方通常按低于面值的折扣价买入发票，随后在客户最终付款时（通常直接从公司客户处）收回全额。
The process, known as “factoring,” involves a company selling invoices to a financier for cash. The financier typically buys the invoices at a discount to their face value and later receives the full amount, usually directly from the company’s customers, when they eventually pay.
知情人士称，辉煌世界与Sound Point的谈判持续了数月。然而，当Sound Point坚持在向辉煌世界释放资金前，先与其客户核实发票真伪时，辉煌世界拒绝了这一要求。最终，交易告吹，辉煌世界另寻融资渠道。
The talks between Radiant World and Sound Point went on for several months, the people said. However, when Sound Point insisted on a process of verifying invoices with Radiant World clients before releasing funds against them, Radiant World refused, the people said. In the end, the deal fell apart and Radiant World looked for financing elsewhere.
其他六家通过购买辉煌世界发票为其提供融资的放款方现指控其欺诈。据法律文件显示，银行和基金共同指控辉煌世界及Sapphire Minmetals出售了约14亿美元的欺诈性发票。
Six other lenders that financed Radiant World by buying its invoices are now accusing it of fraud. Collectively, banks and funds have accused Radiant World and Sapphire Minmetals of selling around $1.4 billion of fraudulent invoices.
当放款方联系嘉能可（Glencore Plc）、Vitol Group和Cargill Inc.等据辉煌世界发票本应欠款的公司时，对方告知这些发票并非真实或已付清。新加坡一名法官上月在裁决中指出，辉煌世界的交易行为存在“表面上显而易见的欺诈行为模式”。
When the lenders contacted the likes of Glencore Plc, Vitol Group and Cargill Inc., which supposedly owed money under Radiant World invoices, they were told that the invoices weren’t genuine or had already been paid, according to legal filings. A Singapore judge last month described a “prima facie pattern of fraudulent conduct” in Radiant World’s dealings.