Noble Group said it “will continue to work towards implementing its proposed restructuring within previously disclosed timelines” despite an investigation by Singapore authorities.
Noble said its proposed restructuring is in the best interest of all stakeholders, including its creditors and shareholders, according to a statement to the Singapore Stock Exchange on Wednesday (21 November).
The statement came a day after news broke that Noble is being investigated by the authorities for suspected false and misleading statements and breaches of disclosure requirements. Its wholly owned subsidiary, Noble Resources International Unit, is also being probed for potential non-compliance with accounting standards.
This was announced in a joint statement by the Singapore Police Force’s Commercial Affairs Department, (CAD), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority.
Noble said the authorities have asked for documents and information related contracts and accounts for the years 2012 to 2017 for the company and its subsidiaries, as well as documents relating to the preparation and consolidation of the accounts of Noble Resources.
The company and its unit intend to cooperate fully with the investigations, Noble said.
Noble, once Asia’s top commodity trader, has seen its market value all but wiped out from US$6 billion in February 2015 after its accounting was questioned by Iceberg Research.
Noble has suspended trading of its shares on the Singapore Exchange since Monday amid completion of its US$3.5 billion debt restructuring plan.