SINGAPORE (Dec 3): Singapore authorities have summoned EY (Singapore), the auditor of Noble Group’s subsidiary, Noble Resources International, to assist in a joint investigation that was announced on Nov 20. NRI is under investigation for potential non-compliance with accounting standards under Section 201 of the Companies Act.

In a joint statement on Nov 28, the Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) said they had directed EY (Singapore) to produce documents related to the audit of NRI. ACRA is also inspecting the work EY (Singapore) performed in the audit of NRI for the financial years 2012 to 2016.

The call on EY is the latest development in the investigation of Noble. The embattled commodities trader was just days away from completing its controversial debt-for-equity swap and restructuring when authorities announced it was under investigation for allegedly having made false and misleading statements, and breached disclosure requirements under the Securities and Futures Act.

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