Noble Group sues former analyst over 'false' information

Asian commodity trading giant Noble Group said Monday it would sue a former analyst whom it alleges damaged the company by spreading "false and misleading information".

The company said Arnaud Vagner, an employee until 2013, and Enlighten Ace Limited, a company based in the Seychelles, "conspired" to drive down its share prices this year.

It made the allegations in a writ filed to a Hong Kong court.

The legal action follows a series of reports by little-known Iceberg Research alleging irregular accounting practices at Noble, though the company did not elaborate on any link between the two in the filing.

Iceberg's latest report, released Saturday, said Noble understated its debts, while previously it alleged that profits were inflated.

Noble is seeking an unspecified sum in damages and an injunction against the publication of any further statements from Vagner and Enlighten Ace.

Singapore-listed Noble said Vagner was a credit analyst from 2011 to 2013 before he was dismissed by the company, according to the writ.

A public relations officer working for the Hong Kong-based firm declined comment on the writ.

Earlier on Monday the company said in a statement to Singapore's stock exchange that Iceberg Research had released three reports that were "inaccurate, unreliable and misleading", adding they would sue.

"Iceberg are not the independent research house they claim to be. Their actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research," the statement said.

Bloomberg News reported that shares in Noble, Asia's largest commodity trader by revenue, had fallen about 25 percent in Singapore since the first Iceberg report was released on February 15.

When contacted by AFP on an email address listed on Iceberg Research's website, a respondent said: "We consulted our lawyer and we are extremely confident."