Singapore authorities said on Tuesday, November 20, 2018, that they are investigating Noble Group Ltd over suspected false and misleading statements, deepening scrutiny of the trader just days after its $3.5 billion debt restructuring was approved by courts in the UK and Bermuda.
In a joint statement, the Commercial Affairs Department of the Singapore Police, the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority said they were examining alleged false statements, possible breaches of disclosure rules by Noble Group, and potential non-compliance with accounting standards by its wholly owned Singapore subsidiary.
The authorities did not say whether the probe would affect Noble’s restructuring or the planned listing of the reorganized business. ACRA also said it had notified the board of Noble Resources International, a Noble unit, about suspected breaches of the Companies Act and required further information.
The statement said the review covered the financial statements of Noble Resources International for the financial years ended 31 December 2012 through 31 December 2016.
Noble did not immediately respond to a Reuters request for comment.
Once Asia’s top commodity trader, Noble has been under pressure since its accounting was questioned by Iceberg Research, a group led by a former Noble credit analyst. The company’s market value has fallen sharply from $6 billion in February 2015.
Since then, Noble has sold assets worth billions of dollars, taken large writedowns and cut hundreds of jobs as investor confidence collapsed. It is now trying to reshape itself into an Asia-focused coal-trading business after a controversial $3.5 billion debt-for-equity swap.
