Singapore authorities investigate Noble group for false statements

Singapore authorities investigate Noble group for false statements
Singapore authorities investigate Noble group for false statements

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.

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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.

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About the author

Ruth Marcus


Ruth is the editor at NewsBrim. She also writes a weekly column and contributes to the PostPartisan blog. Marcus has been with The Post since 1984. She joined the national staff in 1986, covering campaign finance, the Justice Department, the Supreme Court and the White House. From 1999 through 2002, she served as deputy national editor, supervising reporters who covered money and politics, Congress, the Supreme Court and other national issues. She joined the editorial board in 2003 and began writing a regular column in 2006. A graduate of Yale College and Harvard Law School, she was a finalist for the Pulitzer Prize for Commentary in 2007. She lives in Maryland with her husband, Jon Leibowitz, their two daughters and the world’s cutest dog.

To get in touch with Ruth for news reports she published you can email her on [email protected] or reach him out in social media linked below.

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