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Noble Group received letters from authorities on false statements probe, to stick with restructuring deadline

Noble intends to fully cooperate with the investigations.

Noble Group
Source: AFP

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.

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.