Noble Group

[yeokiwi]

This is probably a last ditch effort by goldilocks to get whatever they can and to maintain some control over the remnants of Noble.

I think they just want blood.
With so many past and present management staffs implicated, the can of worms will definitely be opened wide wide.
Ernst and Young too.

[Stocker]

Richard Elman resigned as Executive Director

http://infopub.sgx.com/Apps?A=COW_CorpAn...86264ab682

After complaining to sgx , Goldilocks decided to take legal action by themselves.

[CY09]

The decision of this lawsuit will have a big implication to the financial community

From the perspective of auditors, E & Y will be severely questioned on their ability to audit. PWC who was appointed as a special auditor for Noble in August 2015 will be implicated as well because they had given then "a clean bill of health" to Noble's accounts. If the high court awards the suit in favor of Goldilocks, I am not sure if the government will conduct a separate investigation to determine if E&Y is involved; because it is quite hard not to argue that staff of EY are not aware given how long they have been auditing Noble. in the eyes of the law, even negligence resulting in hurt carries a punishment. So it is unlikely E&Y will not be punished.

On the legislative perspective, it will boil down to the question if MAS and SGX had done enough when Muddy Waters began to make allegation about Noble and nothing was done by our 2 regulators. What may happen is that our financial legislations has to be reviewed and perhaps the regulators scope and powers have to be increased as a result of the biggest write down in Singapore's history. Questions will be asked to SGX of its stand of using "mark to market" methodology.

While shareholders may file a lawsuit and win, the awards of compensation may be small relative to their losses.

[Stocker]

The decision of this lawsuit will have a big implication to the financial community

From the perspective of auditors, E & Y will be severely questioned on their ability to audit. PWC who was appointed as a special auditor for  Noble in August 2015 will be implicated as well because they had given then "a clean bill of health" to Noble's accounts. If the high court awards the suit in favor of Goldilocks,  I am not sure if the government will conduct a separate investigation to determine if E&Y is involved; because it is quite hard not to argue that staff of EY are not aware given how long they have been auditing Noble. in the eyes of the law, even negligence resulting in hurt carries a punishment. So it is unlikely E&Y will not be punished.

On the legislative perspective, it will boil down to the question if MAS and SGX had done enough when Muddy Waters began to make allegation about Noble and nothing was done by our 2 regulators. What may happen is that our financial legislations has to be reviewed and perhaps the regulators scope and powers have to be increased as a result of the biggest write down in Singapore's history. Questions will be asked to SGX of its stand of using "mark to market" methodology.

While shareholders may file a lawsuit and win, the awards of compensation may be small relative to their losses.

Till today , the 2 regulators are still very passive . Why  ?

[Stocker]

Noble Group Limited (the "Company") refers to its announcement on 21 March 2018 entitled
"Goldilocks Lawsuit" and confirms that it has been served a writ of summons by Goldilocks
Investment Company Limited making alleged claims for, amongst other reliefs by way of derivative
action on behalf/in the name of the Company, amounts paid by the Company to certain named officers
of the Company as part of their remuneration packages, as well as leave to commence a derivative
action against these officers for alleged breaches of fiduciary or equitable duties owed to the
Company.
The Company is in consultation with its legal advisors in this regard and intends to vigorously resist
any and all allegations or claims made against it.


http://infopub.sgx.com/Apps?A=COW_CorpAn...8b745983be

[ACTIVIST SPEAKS]

"A bridge too far"... a mammoth task for Goldilocks to prove Noble's management deliberately overstated profit in view of E & Y's unqualified audit report and Pricewaterhouse's confirmation that the accounts were prepared in accordance to industry practice. Like doctors who are reluctant to testify against other doctors, Goldilock will have a hard time finding reputable accountants willing to be expert witnesses against their fellow colleagues. The accounting/audit profession in Singapore is neither faceless nor impersonal. Nonetheless, it is admirable that Goldilocks choose this avenue to seek redress for themselves and by their actions, directly providing remedies for other minority shareholders. Wishing them good and hopefully, this case will set the precedence for future cases to follow.

[Stocker]

Is Ex Chairman chose to quit immediately upon Law suit by Goldilocks a good gesture ?

[brattzz]

Is Ex Chairman chose to quit immediately upon Law suit by Goldilocks  a good gesture ?

yes, of cos!

it's a long stretch but goldilocks is doing all the correct thing to protect it's money! (or watever is left of it...)

[cyclone]

PT Atlas Lawsuit

Noble Group Limited has become aware that PT Atlas Resources Tbk, a coal producer listed on the Indonesia Stock Exchange, has filed a lawsuit in Indonesia against the Company seeking compensation in excess of US$260 million. As at the time of this announcement, the Company has not been served with any writ relating to such claim and the Company is not aware of the grounds for the claim or any further details relating to the same. Nonetheless, the Company intends to vigorously defend any claim if served.

[weijian]

1 of the first more noticeable action by Tan Boon Gin and his team i suppose?

SGX RegCo reviews Noble Group Limited’s Restructuring Support Agreement

In the event that shareholders’ approval for the Primary Restructuring is not obtained, the RSA provides that Noble Group will apply for an administration order (the Alternative Restructuring). The RSA proposes a very similar restructuring transaction under the Alternative Restructuring except for the existing shareholders’ entitlements to shares in the new company. In particular, shareholders who vote in favour of the Primary Restructuring shall be entitled to receive shares in the new company in the same proportion as that under the Primary Restructuring whereas shareholders who vote against shall not be entitled to receive any shares in the new company.

SGX RegCo is of the view that shareholders should have the freedom of choice in voting on the Primary Restructuring. How a shareholder votes on the Primary Restructuring should not have a bearing on whether he/she would be entitled to receive shares in the new company under the
Alternative Restructuring.

http://infopub.sgx.com/FileOpen/20180405...eID=496203