Richard Elman relinquishes his role at under fire Noble Group

Richard Elman relinquishes his role at under fire Noble Group

One of the most famous names in the Asian commodities scene has finally stepped down. Richard Elman, the founder of Hong Kong’s Noble Group, resigned from the board of the troubled company yesterday after it emerged he and other senior executives are being sued by a major shareholder.

Elman, 77, founded Noble in 1986 and built it up into one of the world’s largest commodities houses before it was rocked by allegations of accounting fraud, which it has consistently denied. In the last couple of years, Singapore-listed Noble’s market cap has dwindled drastically. Despite relinquishing his non-executive board position Elman remains the group’s top shareholder with an 18.3% stake.

Goldilocks Investment Company – an Abu Dhabi fund with an 8.1% stake in Noble – on Tuesday filed a lawsuit against the firm accusing it of inflating profits to raise money and justify extravagant remuneration packages.

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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