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

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

By: 
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

Singapore's housing dilemma: What are the broader implications?

SINGAPORE (Sept 17): In the past year and a half, the issue of the 99-year leases on Housing & Development Board (HDB) flats has triggered much debate. Now might be a good time to step back and examine what exactly has changed as a result of this debate and what the broader implications are. In fact, this issue could be a major game changer in many areas. Certainly, housing market dynamics will change, there could be shifts in savings behaviour and we are also likely to see major policy changes over time. These are big changes and it is important that Singaporeans have a clear understandin....
Read More >>

Najib to be charged tomorrow for RM2.6 bil in accounts

SINGAPORE (Sept 19): Malaysia’s former prime minister Najib Razak has been arrested today in connection to RM2.6 billion ($860 million) of 1MDB funds deposited into his personal account. According to a press release issued by the Malaysian Anti-Corruption Commission (MACC), Najib was arrested earlier today at 4.13pm at the MACC headquarters in Putrajaya. The former premier will be brought to the Kuala Lumpur Sessions Court tomorrow (Sept 20) at 3.00pm to face “several charges” under Section 23(1) of the MACC Act. The MACC also said that it will cooperate with the police to recor....
Read More >>

HNA explores sale of newly acquired CWT logistics unit

HONG KONG (Sept 19): China's HNA Group is in talks with banks to find a buyer for its CWT logistics unit, nine months after it acquired the Singaporean business in a US$1 billion  ($1.4 billion) deal, several people familiar with the matter told Reuters. See: CWT receives formal US$1 bil takeover offer from HNA See: HNA to face $3.1 bil liquidity crunch this quarter See: HNA's fire sale gets into full swing from Hong Kong to London See: HNA Group co-chairman Wang Jian dies after accident in France The sale, if completed, would be the latest in a series of divestments aimed ....
Read More >>