Singapore authorities probing Noble Group for suspected false statements

FILE PHOTO: A Noble Group signal is pictured at a meet-the-investors occasion in Singapore August 17, 2015. REUTERS/Edgar Su

SINGAPORE (Reuters) – Singapore authorities stated on Tuesday they’re investigating Noble Group Ltd (NOBG.SI) for suspected false and deceptive statements, simply days after the corporate stated its $3.5 billion debt restructuring had acquired approval from UK and Bermuda courts.

The Business Affairs Division of Singapore Police, the Financial Authority of Singapore and the Accounting and Company Regulatory Authority (ACRA) stated in a joint assertion that they have been wanting into the alleged false statements, breaches of disclosure necessities by Noble Group, and potential non-compliance of accounting requirements by its fully-owned Singapore subsidiary.

It was not instantly recognized if the investigation may have any influence on Noble’s restructuring and the proposed itemizing of the restructured enterprise.

ACRA stated it had knowledgeable the board of administrators of Noble Assets Worldwide, a unit of Noble, of the suspected breaches of the Firms Act and that it should present additional info.

“This follows an in depth evaluation of the monetary statements of Noble Assets Worldwide (NRI) for the monetary years ended 31 December 2012 to 31 December 2016,” the assertion stated.

Noble didn’t instantly touch upon a Reuters question in regards to the assertion from the authorities.

Noble, as soon as Asia’s prime commodity dealer, has seen its market worth all however worn out from $6 billion in February 2015 after its accounting was questioned by Iceberg Analysis, which is led by a former Noble credit score analyst.

Noble has shrunk its enterprise by promoting billions of {dollars} of belongings, taking hefty writedowns and reducing tons of of jobs following a slide in investor confidence.

It’s now searching for to rework into an Asia-focused coal-trading enterprise following a controversial $3.5 billion debt-for-equity swap.

Reporting by Anshuman Daga and Aradhana Aravindan; Enhancing by Christian Schmollinger

Author: Maxwell C.

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