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Short seller Iceberg of Noble Group fame now takes aim at Trafigura

Bloomberg
Bloomberg6/20/2019 03:59 PM GMT+08  • 4 min read
Short seller Iceberg of Noble Group fame now takes aim at Trafigura
(June 20): Iceberg Research, the short seller that targeted commodities trader Noble Group, has another trading house in its sights: Trafigura Group.
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(June 20): Iceberg Research, the short seller that targeted commodities trader Noble Group, has another trading house in its sights: Trafigura Group.

Trafigura is overstating the value of debt securities related to its 49.5% stake in Porto Sudeste, an iron ore export terminal in Brazil, Iceberg, headed by Arnaud Vagner, said Wednesday in a report on its website. Iceberg estimates those securities may be worth only a 10th of the US$490 million ($665 million) carrying value that Trafigura attributes to them.

“We found that Trafigura ignores economic reality to aggressively overvalue hundreds of millions in debt securities issued by an associate,” Iceberg said, adding that it holds a short position in Trafigura’s debt.

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