Katharine Gemmell

One of Radiant World's lenders reported suspected fraud involving the iron ore trader to Singapore police in May, months before the company's troubles erupted publicly, according to a court ruling.

The saga has gripped the global commodities industry.

A US fund has filed a criminal complaint in Switzerland accusing Radiant World and related companies of fraud and money laundering, according to a US court filing, adding a new jurisdiction to the iron ore trader's escalating legal and financial crisis.

Some employees of Radiant World say they have not received their September salaries, an apparent delay that offers a glimpse of disruptions inside the iron ore trader as its operations are transferred to the care of court-appointed managers.

A US court has allowed a fund managed by Mariner Investment Group to obtain documents from the Federal Reserve Bank of New York and the Clearing House Interbank Payments System in its Swiss proceedings against iron ore trader Radiant World, according to an order.

Iron ore was headed for a third straight weekly loss as ample supplies and a subdued demand outlook weighed on prices, even after Chinese trading resumed Thursday following a week-long holiday.

One of China’s largest private steel-making companies is moving into shipbuilding as the industry enjoys a boom in orders.

Iron ore dropped to the lowest level in more than two years on a weaker demand outlook and rising supply through year-end.

Iron ore dropped to the lowest level in more than two years on a weaker demand outlook and rising supply through year-end.

Fortescue Ltd.’s top executives said the miner won’t rush into a deal with China’s state-backed iron ore buyer, and that any agreement must protect the company’s long-term interests as well as Australia’s.