Noble maintains restructuring is of stakeholders' best interests, to proceed as planned amid investigations
SINGAPORE (Nov 21): Noble Group says it intends to continue pressing ahead with its debt restructuring as planned, with the best interests of its stakeholders in mind.
The commodities trader’s announcement comes despite Tuesday’s news of the group and its subsidiary, Noble Resources, coming under investigation by Singapore authorities for possible breaches of disclosure requirements and accounting requirements, respectively.
In a filing on Wednesday morning, Noble says the group and its subsidiary in question intend to co-operate fully with the authorities in their investigation.
The group emphasises that Noble Resources will provide its views on the Accounting and Corporate Regulatory Authority’s (ACRA) queries as set out in its Nov 20 letter regarding the company’s preparation of its financial statements for FY12-17.
Aside from the letter issued to Noble Resources by ACRA, two other letters jointly issued between Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS) were received by Noble. Both were dated Nov 20.
One required Noble to provide documents related to the accounting treatment, consolidation and reporting of certain contracts of the group and its subsidiary for FY12-17, as well as documents related to the preparation and consolidation of the accounts of Noble Resources.
It was addressed to Noble in the care of the group’s independent non-executive director David Yeow, but not to Yeow in his own personal capacity, says the group.
The other letter from CAD and MAS required Noble Resources to provide access to documents regarding the preparation of its financial statements for FY12-17, among others.
When asked for comment on Nov 20, a spokesperson from Singapore Exchange Regulation (SGX RegCo) told The Edge Singapore that it is yet to be determined if Noble’s pro-forma financial statements -- as disclosed in the group’s proposed restructuring circular -- will be impacted by the investigations.
Shares in Noble, which last closed 2.41% lower 0.81 cent, remain suspended.
