What does Iceberg's Vagner have to say about Noble's restructuring?

What does Iceberg's Vagner have to say about Noble's restructuring?

Joan Ng
17/08/18, 01:14 pm

SINGAPORE (Aug 17): Arnaud Vagner was fired from his position as senior credit analyst at commodity trader Noble Group in June 2013 and it was only after he left that he began to take a closer look at Noble’s financials, uncovering misrepresentations in the company’s accounts in the process.

The Edge Singapore spoke to Vagner, who said that it took him “months” to understand what was going on. He said he also checked his assumptions and calculations multiple times, and against available industry information. His investigations led him to start a website under the name Iceberg Research, where he began a crusade to expose Noble’s financial irregularities.

Since Iceberg went public in Feb 15, 2015, Noble has lost about 99% of its market value. And now, it is undertaking a restructuring in hopes to recover some value for its shareholders. But Iceberg is suggesting that those same securities holders band together to sue the parties responsible for the loss of value instead.

Iceberg also said in an Aug 14 post that it has “talked to experienced law firms” and they are “ready to represent the interest of these investors”. The post also said that Noble’s restructuring is not financially viable as it has almost the same financing costs.

This all comes at a crucial time for Noble as a general meeting will be convened on Aug 27 to review its proposed restructuring.

Meanwhile, the Singapore Exchange (SGX) has responded to this whole saga by pushing Noble into releasing more information. But is that enough?

Find out more in this week’s issue of The Edge Singapore (Issue 844, week of Aug 20), on sale now at newsstands.

Subscribers can log in and read Iceberg's Vagner slams Noble restructuring, calls securities holders to join in lawsuit

Or click here to subscribe

AusGroup to buy housing village & facilities on Australia's Melville Island for $11.4 mil

SINGAPORE (Feb 19): AusGroup, the construction and marine services provider, is acquiring an accommodation village plus facilities worth A$11.8 million ($11.4 million). The village comprises a 119-man accommodation camp, kitchen, administration building and recreational facilities at Port Melville, Melville Island in the Northern Territory of Australia, supporting the Northern Territory oil and gas industry and marine transport industry. The acquisition will be made in cash, and comes without mortgage or security interests. AusGroup’s unit, NT Port and Marine, on Monday signed a gen....

Defensive utility stocks could ride infrastructure boom

SINGAPORE (Feb 18): Utility companies, which are usually deemed to be boring defensive stocks, could turn out to be sexy growth counters. This is because the growing demand for better infrastructure and amenities on the back of the population growth and rising affluence in Asia-Pacific is leading to the implementation of new utility projects in the region. “Because of their strategic significance, utility services have traditionally been provided by the public sector. However, ballooning population growth and fiscal constraints have resulted in more of the world’s utility services to sp....

Space tech start-up Transcelestial lasers in on high-speed connectivity

SINGAPORE (Feb 18): A few months ago, inside a second-storey shophouse in Chinatown, Rohit Jha and his team fired up a PlayStation 4 set. ­Using its controllers, he virtually navigated a small toy car, manoeuvring through a track on a remote rooftop of one of the buildings in Chinatown. The tiny vehicle was monitored by a couple of cameras and linked wirelessly to the team’s office a few blocks away. Jha, CEO and co-founder of space tech start-up Transcelestial, says he often demonstrates the capabilities of the company’s product through the PlayStation setup. The effort has paid off. ....