CAD, MAS and ACRA have finally launched an investigation into the supply chain manager, three years after Iceberg Research accused it of overvaluing its assets and undervaluing its liabilities. Why are the authorities acting now? What does it mean for the company’s controversial restructuring plan?

By Jeffrey Tan

SINGAPORE (Nov 26): Noble Group was an admired commodities trader with a market value of more than $5 billion when a little-known outfit Iceberg Research accused it of accounting deception in early 2015. Today, the company has a market value of just $107.5 million, and it is on the brink of a restructuring that will see its creditors owning most of the firm. It has also divested some of its key assets to settle its debts. And, through it all, Noble’s board of directors and management have consistently denied any wrongdoing.

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