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Noble reviews its accounting practices

Singapore: Bowing to investor pressure Singapore-listed commodities giant Noble Group has commissioned a third party review of its mark to market (MTM) models and valuations.

The company said it was carrying out the procedure “in the interests of transparency”.

An independent board committee consisting of four non-executive independent Noble board members has appointed PricewaterhouseCoopers to conduct an assurance review of Noble’s MTM models, valuations, and governance framework.

Noble’s shareprice has nosedived 40% since February on reports that have questioned its accounting practices. Noble’s chairman, Richard Elman, last month dismissed the recent damaging negative reports about his company as the work of a disgruntled former Noble executive.

“Some ex-employee started the nonsense,” Elman told Splash last month.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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