Noble Group hit by $260m lawsuit in Indonesia

Noble Group hit by $260m lawsuit in Indonesia

Hong Kong-headquartered commodity trader Noble Group has announced that PT Atlas Resources, an Indonesian coal trader, has filed a lawsuit in Indonesia against the company seeking compensation in excess of $260m.

Noble Group said so far it has not been served with any writ relating to such a claim and the company is not aware of the grounds for the claim.

The company intends to vigorously defend any claim if served.

Richard Elman, the founder of Noble Group, resigned from the board of the company this week soon after it emerged that he and other senior executives are being sued by major shareholder Goldilocks Investment from Abu Dhabi.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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