Noble Group

[Terry]

https://www.ft.com/content/77c829cc-3abd...144feabdc0

Article on limited liability of auditors failing to uncover fraud accounting..
Sadly that's the industry standard. What's the point of paying the auditor then?

[realanalyst]

"A Noble MD states that Noble Group Shipping division, performs quarter after quarter, it’s the trading part who Losts" ????

Noble Chartering has “normal operations” despite parent company’s huge downturn…
Michael Nagler tells us that Noble incapacity is because of others divisions.
https://www.valuewalk.com/2018/04/noble-group-downturn/

The best one can do is stay quiet and not make stupid comments like these !
If I were in Noble I would like to Distant myself as much as possible and remain as an “employee” or “former-employee”
who suffered due to Poor business decisions.
NOT try and justify some light at the end of the tunnel without proper numbers

[cyclone]

Noble Group Case Will Test Singapore's Reputation, Goldilocks Says

By Krystal Chia
April 24, 2018, 10:42 AM GMT+8 Updated on April 24, 2018, 11:55 AM GMT+8

Noble Group Ltd. dissident shareholder Goldilocks Investment Co. says the Singapore regulator’s handling of the trader’s drawn-out battle for survival is being closely followed by overseas investors, highlighting the importance of the case for the city-state’s reputation as a financial hub.

“This was our first investment into Asia: we were looking at this as making an investment into Asia, especially in Singapore,” Ajit Vijay Joshi, a fund manager at Abu Dhabi-based Goldilocks, said in a phone interview. He added: “I’m sure a lot of other people are watching what they will do.”

Once Asia’s largest commodity trader, Noble Group has imploded over the past three years, losing billions, defaulting on $3.4 billion of debt, and shredding its market value. That decline has been marked from the outset by allegations of improper accounting by long-time foe Iceberg Research, which the company has denied. While Noble Group Chairman Paul Brough is now pushing a debt-for-equity rescue, Goldilocks is resisting, saying it’s unfair in its current form, and appealing to Singapore Exchange Ltd. to address its concerns.

More details in https://www.bloomberg.com/news/articles/...s-standing

[realanalyst]

ING, DB And Wildrik de Blank (Mr. NOBLE Treasury)

"We all know that Noble and its partners in crimes several times wiped out their credit and equity depositors. How this time is it different ?
https://www.valuewalk.com/2018/04/the-sa...asury/amp/

[tonylim]

Are our regulators late in taking  actions ?


SINGAPORE: Singapore-listed commodities trader Noble Group is being investigated for suspected false and misleading statements, as well as breaches of disclosure requirements under the Securities and Futures Act, said the Commercial Affairs Department (CAD) of the Singapore Police Force, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) on Tuesday (Nov 20). 
Read more at https://www.channelnewsasia.com/news/sin...s-10949746

[CY09]

Noble has restructured itself albeit in a turmoil of events

https://www.hellenicshippingnews.com/how...f-rebirth/

Singapore regulators tried to block the restructuring, however owing due to its incorporation in Bermuda, the company resorted to doing its deeds in Bermuda. This was away from the reaches of Singapore's Laws.

Interesting company to follow mainly due to how accounting can work wonders and how being incorporated in separate jurisdictions allows you to run away from "murder"

[cyclone]

Noble Group to take stake in Australian rare earths developer Arafura

Reuters
JUNE 20, 2019 / 10:59 AM

MELBOURNE (Reuters) - Commodities trading firm Noble Group is set to take a small stake in ambitious Australian rare earths developer Arafura, raising its exposure to strategic minerals critical to high-tech industries and electric vehicles.

In a filing to the Australian Securities Exchange on Thursday, Arafura said that Noble’s rare earths subsidiary Talaxis would underwrite A$7.2 million of a A$23.2 million ($16 million) share offering. According to Reuters calculations, that would give Talaxis a stake in Arafura of around 8%.

The offering was priced at a hefty discount - A$0.085 compared to A$0.125 on Wednesday’s close - sending shares in Arafura skidding 20% on Thursday. Prior to the offer, the developer’s market value was around A$98 million.

“We recognize the growing importance of technology metals to the global renewable energy sector, as well as to broader technological industries,” Noble Chairman Paul Brough in the statement. “Noble Group sees this as a core, strategic business growth area.”

Rare earths are a group of 17 minerals critical to a wide array of industries, from high-tech consumer electronics to electric vehicles and sophisticated military equipment.

China is the world’s largest producer of the metals and state-owned news outlets have reported that as part of the trade dispute between it and the United States, it could cut its shipments there, stoking supply concerns. The United States imports 80% of its rare earths from China.

Arafura is developing the Nolans project in Australia’s Northern Territory, seeking to secure $1 billion in funding for the project that includes a processing plant.

It is one of a handful of development projects in the country that have in recent months seen more strategic interest after years in limbo.

Australia contains only 2.8% of the world’s rare earth reserves, according to the United States Geological Survey. However, the country accounts for more than half of the new projects in the global pipeline.

More details in https://www.reuters.com/article/us-austr...SKCN1TL088

[Behappyalways]

Singapore wraps up Noble probe with $12.6 million civil penalty
https://www.theedgesingapore.com/news/co...il-penalty

[Shiyi]

Singapore wraps up Noble probe with $12.6 million civil penalty
https://www.theedgesingapore.com/news/co...il-penalty

Unlike Hyflux or Eagle Hospitality, no directors nor senior management of Noble Group was under arrest. And none of them was fined for manipulating account books. A few of them in fact left the company with tens of millions of dollars in the compensation package.

[cmeng_chan]

Singapore wraps up Noble probe with $12.6 million civil penalty
https://www.theedgesingapore.com/news/co...il-penalty

Unlike Hyflux or Eagle Hospitality, no directors nor senior management of Noble Group was under arrest. And none of them was fined for manipulating account books. A few of them in fact left the company with tens of millions of dollars in the compensation package.

Noble accounts should have been audited and signed off. So, E&Y auditors should be accountable as they allowed the inflated revenue/earnings from 2012 to 2016.

"Based on the investigations, Noble had applied an incorrect accounting treatment to these marketing agreements by classifying them as financial instruments instead of service contracts, and by recognising future fees from these agreements before rendering the services.


As a result, this inflated the reported earnings and net assets of both Noble and NRI, the subsidiary."