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Noble case underscores need for regulatory reform, new growth strategy for local market

Ben Paul
Ben Paul11/26/2018 08:00 AM GMT+08  • 9 min read
Noble case underscores need for regulatory reform, new growth strategy for local market
SINGAPORE (Nov 26): On a Saturday afternoon in 2015, I returned a telephone call to an individual at a public relations firm who had tried to reach me earlier in the day. He was acting for Noble Group, and intimated that he had called me as part of an eff
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SINGAPORE (Nov 26): On a Saturday afternoon in 2015, I returned a telephone call to an individual at a public relations firm who had tried to reach me earlier in the day. He was acting for Noble Group, and intimated that he had called me as part of an effort to head off imminent legal action related to The Edge Singapore’s coverage of his client.


See: The BIG reckoning

Among the pieces we had run around that time was an interview with Michael Dee, a onetime head of Morgan Stanley’s business in Southeast Asia and a former senior official at Temasek Holdings. Dee had said in the interview that Noble was not properly addressing the issues raised by Iceberg Research. He also poured scorn on the job that its auditor EY was doing. And, he called on regulators to suspend Noble’s stock until all doubt about the valuation of the assets and liabilities on its books could be cleared up.

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