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Talking about Jeffre Financial. The group has been told that some of the invoices underpinning its financing to an iron ore trader called Sapphire Mini Metals or Min Medals, excuse me, are not genuine. This is according to people familiar with the matter.

This has been a story that Bloomberg's been reporting out over the last uh week or so. With more is Bloomberg News chief Wall Street correspondent Shri Natar Rajan covering the financial space. He's here in studio.

Um for those who maybe haven't been following uh there's been a lot going on. Um what what do we need to know?

Look this is the latest in a series of incidents which is shining another light shining more light on the risk around receivables finance. So typically ordinarily this should be safe. You are lending against invoices.

You it's secured by invoices. is you expect your client to be ultimately paid and you expect to be paid back. When it goes right, it is good money for the lenders.

But there are occasions when it can go wrong and it can go horribly wrong. And that's sort of we saw it last year with First Brands and the collapse around First Brands and all all the allegations around fraud and scam that came out. Now over the last week we've seen these instances.

First with Radiant World that Bloomberg reported last year and now another company Sapphire Minet metal which seems to be somewhat tied to Radiant World. At least at some point Radiant World and its owners were majority owners of Sapphire Men metal. But the interesting bit for us is the connection of Point Bonita.