MAS to probe Noble on alleged accounting fraud

Noble "welcomes" the review.

The Monetary Authority of Singapore (MAS) will be reviewing allegations of accounting fraud against commodity trader Noble Group.

“MAS is reviewing the statements in the Iceberg research report. All market participants are subject to market conduct provisions in Part XII of the Securities & Futures Act. MAS will take appropriate action if there are breaches of the SFA,” the MAS stated in response to queries from SBR.

In a release to the SGX today, Noble stated that it “welcomes this development and will fully co-operate with, and fully support, the MAS investigation.”

Noble had previously issued two strongly-worded statements to counter accusations of accounting fraud that was levied against it by Iceberg Research, a little-known research house.

Iceberg’s damaging report caused two days of sell-offs of Noble’s stock. The report was made all the more damaging by its uncanny timing, which was right before the holiday season and barely a week before Noble releases its results.

Also Read

Olam Agri will not extend Namoi Cotton takeover offer

China Shenshan Orchard names Ngo Yit Sung as independent director

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit