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.