Noble attacks its detractors

Noble attacks its detractors

Noble Group senior management fought back today at detractors as part of its ‘investor day’ in Singapore. The commodities giant has seen its share price nosedive 60% over the past six months on the back of scathing reports on its accounting practices led by a research group called Iceberg Research.

Noble’s chairman and founder, Richard Elman (pictured), used the investor day to attack his critics.

“I have listened to some pretty wild stories about Noble over the last 25 years,” Elman was quoted by the Financial Times as saying. “[This] has gone a little bit too far.”

When contacted by Splash in mid-June, Elman was similarly dismissive of Iceberg Research. “Some ex-employee started the nonsense,” Elman told this site two months ago.

The group’s chief executive, Yusuf Alireza, said that Iceberg Research’s “sole intention was to damage the company … and to profit, either directly or indirectly.” He added that he was looking forward to taking the people behind the research outfit to court.

A source at Iceberg Research dismissed Alireza’s and Elman’s comments, telling Splash: “This has never been an Iceberg matter. For example, very reputable newspapers have brought facts and analyses that go in the same direction.”

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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