Commodities trading company Noble Group says it will continue to work towards implementing its proposed restructuring within previously disclosed timelines despite the current probe it is facing from Singapore authorities on giving suspected false and misleading statements, and breaches of disclosure requirements under the Securities and Futures Act.
On Wednesday morning, Noble issued a statement to confirm that it has been approached by authorities to provide access to documents relating to the accounting treatment, consolidation and reporting of certain contracts of the company and its subsidiaries, and said that it intends to fully cooperate with the investigations.
On Tuesday, Singapore Police Force’s Commercial Affairs Department (CAD), the Monetary Authority of Singapore (MAS), and the Accounting and Corporate Regulatory Authority (ACRA) issued a statement to state that they are investigating suspected false and misleading statements, and breaches of disclosure requirements by Noble.
Noble’s subsidiary, Noble Resources International (NRI) will be investigated on potential non-compliance on accounting standards under the Companies Act.
The authorities said ACRA made findings of a suspected breach of the Companies Act from NRI, after an “extensive review” of the firm’s financial statements for the financial year period December 31, 2012 to December 31, 2016.
NRI’s board has been informed on the suspected breaches of the Companies Act and the authorities have requested for information related to the preparation of the financial statements from the company’s directors for the investigation.
Noble said the group will provide further announcements when necessary.
Noble has already suspended the trading of its shares on the Singapore Exchange, pending its restructuring transition. The group has plans to reform and list as a restructured group by November 27.