SINGAPORE, Sept 12 — A Singapore court has frozen up to US$499.2 million (RM2.04 billion) in assets linked to iron ore trader Radiant World, while its founder Pinkesh Nahar has been restricted to £4,000 a week in living expenses under a worldwide freezing order.

The restrictions were disclosed in previously unreported court filings linked to a Singapore freezing injunction against Radiant World and Nahar, Bloomberg reported, citing documents relating to an earlier worldwide freezing order issued by a London court.

Sapphire Minmetals Corporation Ltd and its chairman Rakesh Sethi are also covered by the injunction, with Sethi subject to the same £4,000 weekly limit on living expenses.

A spokesperson for Radiant World and Sethi did not immediately respond to requests for comment.

The legal action was brought by LAM Trade Finance Group II LLC, a fund managed by Jefferies subsidiary Point Bonita, against Radiant World Corporation Pte Ltd, the group’s main Singapore operating company, its Hong Kong holding company Radiant World Holding Ltd, Nahar, Sapphire Minmetals and Sethi.

In the UK proceedings, Jefferies accused the defendants of falsifying iron ore invoices as part of what it described as a “fraudulent scheme”, with its claim valued at more than US$500 million.

The Singapore order prevents the defendants from removing, disposing of or reducing the value of assets in Singapore up to US$499.2 million.

The assets covered include Radiant World funds held at KBC Bank NV, Deutsche Bank AG, China CITIC Bank International Ltd’s Singapore branch, United Overseas Bank Ltd and Mizuho Bank Ltd, as well as Nahar’s personal assets at Nomura Singapore Ltd and Bank of Singapore Ltd.

The order allows the defendants to make reasonable payments for legal fees and continue dealing with their assets in the ordinary course of business.

Bloomberg reported in July that several major commodity traders had stopped dealing with Radiant World amid concerns that it had supplied falsified documents to banks to obtain financing, allegations the company denied.

Radiant World has said it conducts its business to the highest commercial and legal standards, while Singapore police are investigating the company and raided its Singapore office last month, Bloomberg reported.

Singapore is a key base for Radiant World, with the group’s main operating unit incorporated in the city-state.