Noble Group sued for fraud

Noble Group sued for fraud

Iceberg Research has been joined by a group of perpetual bondholders in troubled commodities firm Noble Group in hiring UK law firm Locke Lord to sue the company and certain senior management for fraud.

“We will go after all the companies and individuals that have organised or facilitated this fraud,” Iceberg Research stated in a release. The research outfit is led by former Noble employee Arnaud Vagner and has waged a high profile campaign against Noble since 2015, claiming accounting malpractice and likening the Singapore-listed company to bust American energy trader, Enron.

Iceberg will act as advisor in the legal campaign, saying that it has provided an analysis of Noble’s wrongdoings and that it will use information recently received from a whistleblower.

Noble has consistently denied fraud claims, and even initiated court proceedings against Iceberg.

Separately, Noble, which is the process of a huge restructuring, has just revealed it has sold four bulkers – Ocean Ambition, Ocean Forte, Ocean Integrity and Ocean Vision – for a total of $95m.

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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