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Singapore probes Noble on suspected false statements, disclosure breaches
Singapore authorities are investigating Noble Group, once Asia’s largest commodity trader, for suspected false and misleading statements and breaches of disclosure requirements under the Securities and Futures Act.
The Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and Accounting and Corporate Regulatory Authority (ACRA) are also investigating Noble’s wholly owned subsidiary, Noble Resources International (NRI), for alleged non-compliance with accounting standards, said the three bodies in a joint statement Tuesday (20 November).
ACRA said it has notified NRI’s board of directors about its findings of suspected breaches of the Companies Act and has required the directors to furnish further information as part of the ongoing investigation, the statement said. This follows an extensive review of NRI’s financial statements for the financial years ended 31 December 2012 to 31 December 2016.
CAD and MAS have directed Noble and NRI to produce documents relating to the preparation of Noble’s financial statements, after a thorough review of other relevant information, including information referred to the authorities by the Singapore Exchange Regulation and other third parties.
Approval for restructuring granted
Singapore-listed Noble said last week that it had obtained approval from the courts for its restructuring and payment to creditors, clearing the final hurdle to completing its debt-for-equity swap.
Noble was founded in 1986 by Richard Elman, who took advantage of a commodities bull run to build it into one of the world’s biggest traders. The crisis for the company started in February 2015 after Arnaud Vagner, a former employee, published anonymous reports – under the name of Iceberg Research – that accused Noble of inflating its assets.
Trading of Noble’s shares has been halted since Monday, pending updates on its financial restructuring. Its shares last traded on Friday, when they fell 2.4 per cent to 8.1 Singapore cents.
