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Another Noble Group ex-CEO gets US$20 mil after legal battle

Bloomberg
Bloomberg11/8/2020 06:31 PM GMT+08  • 2 min read
Another Noble Group ex-CEO gets US$20 mil after legal battle
The settlement is a similar size to a roughly $20 million package former co-CEO Jeff Frase received on leaving in 2017.
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Noble Group Holdings Ltd., the commodity trader shrunken by years of losses and a multibillion dollar restructuring, has paid US$20 million ($27.0 million) to former Chief Executive Officer Ricardo Leiman.

The payment to Leiman, who left the company in 2011 -- several years before its 2018 restructuring -- was disclosed in a presentation accompanying Noble’s third-quarter results on Friday. It followed a long legal battle concluded in May, when Singapore’s Court of Appeal ruled that Noble had deprived Leiman of entitlements including the right to exercise share options when he left.

When the case was first filed in 2012, Leiman’s restricted shares and share options were worth about US$59 million, Bloomberg reported at the time. By the time Noble’s Singapore-listed stock was suspended in 2018, its value had fallen by 99%.

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