Noble Group

Auditors are audited

In its annual reports, ACRA regularly lists examples of improper or inadequate practices among public accountants. The regulator now has audit firms in its sights.

SINGAPORE (Aug 5): Auditors using the search engine Google to screen clients as part of due diligence; senior auditors not spending enough time reviewing or supervising client audits; spouses of audit partners violating the firms’ policies on independence…

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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.

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.

Why we should hold on to quarterly reporting

SINGAPORE (June 10): One of the last things we used to do before closing each issue of The Edge Singapore in our early days was hammer out a little column called “Behind the Stories”. As its name suggests, its purpose was to explain why we had pursued the key stories in our pages in any given week, and provide some additional context and insight for which there might not have been room in the stories themselves.

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Asia gets tougher on auditors after high-profile defaults

(Mar 14): Regulators in some Asian countries are getting tougher on auditors after landmark defaults, in an increasingly high-stakes game as investors call for earlier warning signs amid expectations for debt failures to mount.

High-profile collapses of commodities trader Noble Group and India’s shadow lender Infrastructure Leasing & Financial Services have rocked investors over the past year. In China, a spate of defaults has raised concerns over the quality of financial reports.

Noble reminds shareholders to take further action to receive shares in New Noble

SINGAPORE (Jan 31): Noble Group (Old Noble) has reminded shareholders to take further action to receive their shares in Noble Group Holdings (New Noble).

Under the terms of the restructuring, shareholders of Old Noble are entitled to receive one share in New Noble for every ten shares held in Old Noble. Any fractional entitlements will be rounded up to the nearest whole share.

Noble Group completes $4.8 billion restructuring to emerge as smaller, unlisted firm

SINGAPORE (Dec 20): Noble Group, the once mighty commodity trader, on Thursday completed its drawn out US$3.5 billion ($4.8 billion) debt restructuring to emerge as a smaller, unlisted Asia-focused coal-trading business.

The completed restructuring effectively closes the saga of Noble’s collapse from Asia’s biggest commodity trader with a market value of over US$6 billion to less than US$80 million that began in February 2015 when its accounting practices were questioned by Iceberg Research.

Noble Group restructuring gets green light in Bermuda court

(Dec 14): Embattled commodity trader Noble Group is on track to complete its mammoth restructuring deal after a Bermuda court approved an officer to carry out the plan, using a local kind of insolvency process.

See: Noble says to take 'alternative' restructuring process without transfer of listing to New Noble

Noble seeks court-ordered administration in Bermuda; says only way to avoid full liquidation

SINGAPORE (Dec 11): Noble Group plans to apply for a court-ordered administration in Bermuda on Dec 14 to complete the restructuring of the company into New Noble.

See: Singapore authorities block New Noble listing

Noble's ignoble end leaves a stain on Singapore

(Dec 11): Talk about shutting the stable door after the horse has bolted.

The looming insolvency of once-mighty commodities trader Noble Group is an overdue reckoning for a company that has long sailed close to the wind.

More than that, though, it’s a black mark against the city-state where it’s been listed since 1997: Singapore. Noble has spent the past year squirming through an attempted restructuring to keep it from bankruptcy, hampered by its money-losing operating business and years of squandered trust.

Noble says to take 'alternative' restructuring process without transfer of listing to New Noble

SINGAPORE (Dec 7): Noble Group said it intends to go ahead and complete the restructuring by “an alternative process” without the transfer of the company’s listing status to New Noble.

The alternative may involve filing for administration in Britain after which creditors of Noble would be able to take control of the company. However, shareholders and perpetual bond holders are likely to be wiped out, analysts had noted when the option was proposed in Noble's restructuring circular.

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