Noble under probe for suspected false and misleading statements, breaches of disclosure rules

Singapore-listed Noble Group is being investigated for suspected false and misleading statements and breaches of disclosure requirements by the Commercial Affairs Department, the Monetary Authority of Singapore and the Accounting and Corporate Regula
Singapore-listed Noble Group is being investigated for suspected false and misleading statements and breaches of disclosure requirements by the Commercial Affairs Department, the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority.PHOTO: REUTERS

SINGAPORE - Singapore-listed Noble Group is being investigated by the local authorities for suspected false and misleading statements and breaches of disclosure requirements.

The Commercial Affairs Department (CAD), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (Acra) are also investigating potential non-compliance with accounting standards by Noble Group's subsidiary, Noble Resources International (NRI).

In a joint statement on Tuesday (Nov 20), they said that NRI's board has been notified that Acra has made findings of suspected breaches of the Companies Act and has required the directors to furnish further information as part of the ongoing investigation.

This follows an "extensive review" of NRI's financial statements for the financial years ended Dec 31, 2012, to Dec 31, 2016, said the agencies in a joint statement.

The CAD and the MAS have directed Noble Group and NRI to produce documents relating to the preparation of Noble Group's financial statements, following a thorough review of other relevant information, including information referred to the authorities by the Singapore Exchange Regulation and other third parties.

Once Asia's top commodity trader, Noble shares were suspended this week amid its planned debt-for-equity restructuring.