Singapore government said on Tuesday they are exploring Noble Group Ltd for supposed false and deceptive statements, only days after the company said its $3.5 billion debt restructuring had obtained acceptance from UK and Bermuda courts.
The Commercial Affairs Department of Singapore Police, the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority (ACRA) stated in a joint announcement they were looking to the alleged false statements, breaches of disclosure requirements by Noble Group, along with possible of accounting standards by its own fully-owned Singapore subsidiary.
It wasn’t immediately known if the analysis is going to have any effect on Noble’s restructuring and the planned list of the restructured company.
ACRA stated it had advised the board of supervisors of Noble Resources International, a component of Noble, of those supposed breaches of the Companies Act and it has to offer more info.
“This follows a comprehensive overview of the financial statements of Noble Resources International (NRI) for the fiscal years ended 31 December 2012 to 31 December 2016,” the announcement said.
Noble didn’t immediately comment on a Reuters question about the announcement from the government.
Noble, after Asia’s leading commodity dealer, has witnessed its market worth all but wiped from $6 billion in February 2015 following its bookkeeping was contested by Iceberg Research, that will be directed by a former Noble credit advisor.
Noble has shrunk its own company by selling billions of dollars of resources, taking hefty writedowns and cutting hundreds of jobs after a slip in investor confidence.
It’s currently trying to transform to an Asia-focused coal-trading company after a controversial $3.5 billion debt-for-equity swap.