Lawsuits pile up against embattled Noble Group

Lawsuits pile up against embattled Noble Group

Goldilocks Investment Company, the third largest shareholder in embattled commodities trader Noble Group, has launched two more lawsuits against the Hong Kong-based firm, seeking to stop the group from holding its AGM next Monday as well as stopping Noble’s restructuring support agreement and the company’s mooted plans to redomicile to the UK.

Goldilocks said in a statement yesterday: “The conduct of Noble, its board and the supporting creditors has left Goldilocks with no other alternatives but to pursue legal action, in order to protect and preserve the rights of all shareholders.”

Goldilocks from Abu Dhabi said its actions were “regrettable but are necessary as a direct result of coercive actions taken by Noble”.

Noble Group chairman Paul Brough urged shareholders yesterday to support the board and its restructuring plan, arguing that Goldilocks had not offered a credible alternative.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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