Noble Group

Noble Resources Trading Holdings Limited (commonly known as Noble resources) is a commodity trader based in Hong Kong. It trades energy products and industrial raw materials. Its predecessor, Noble Group Ltd was embroiled in an accounting fraud controversy started in 2015 which eventually necessitated a debt restructuring.

Noble Resources Trading Holdings Limited
Native name
來寶集團
TypePrivate
IndustryCommodity Trading
PredecessorNoble Group Ltd
Founded1986 (1986)
FounderRichard Samuel Elman
HeadquartersHong Kong
ProductsEnergy, Metals, Minerals, Logistics
RevenueUS$46 billion (2016)
Number of employees
500 (2019)
Websitewww.thisisnoble.com

History

In 1997, Noble resources was listed on the Singapore Stock Exchange.[1]

In 2002, Noble resources was included in the Fortune 500.

In 2009, China's sovereign wealth fund, China Investment Corp (CIC), took a 14.9% stake (573 million shares) in the company.[2]

In 2012, Completion of Gloucester coal and Yancoal merger.[3]

In 2014 CIC cut its stake in Noble resources to less than 10%.

A consortium led by COFCO Group acquired 51% of Noble's agricultural business, forming JV Noble Agri.[4]

Accounting fraud controversy and restructuring (2015-2019)

In 2015, Noble's share price tumbled as it was accused of accounting fraud by Iceberg Research,[5] while its credit rating was downgraded to junk. The remaining 49% of its agricultural business was also sold.[6]

Noble recorded net losses of $1.7 billion in 2015.

On 29 May 2016, CEO Yusuf Alireza was terminated by Elman. In 2017, Alireza sued Noble for compensation.[7][8]

In 2018, Noble Group Ltd was de-listed from the Singapore Stock Exchange. The share price had collapsed 99% since Iceberg exposed Noble. Declaring a default, it went through a restructuring process that eventually led to the creation of Noble Group Holdings Ltd,[9] while Noble Group Ltd, which incorporated in Bermuda is undergoing an winding up process through till end of 2019.[10] The Singapore Stock Exchange blocked the listing of the restructured group on the uncertainty of the Noble's financial position.[11] A criminal investigation on the alleged wrongdoings of Noble Group Ltd is under way in Singapore.[12]

In 2019, Noble made several hires to rebuild its liquefied natural gas business.[13]

References
  1. "2019 Results" (PDF). Thisisnoble.com. Archived (PDF) from the original on 30 May 2019. Retrieved 31 July 2015.
  2. "CIC Buys 15% Stake in Noble Group to Gain Commodities". Bloomberg.com. Archived from the original on 24 September 2015. Retrieved 31 July 2015.
  3. "Proposed Merge". Infopub.sgx.com. Archived from the original on 10 June 2015. Retrieved 31 July 2015.
  4. "China's COFCO to pay $1.5 billion for stake in Noble's agribusiness". Reuters.com. Archived from the original on 10 June 2015. Retrieved 31 July 2015.
  5. "Archived copy" (PDF). Archived (PDF) from the original on 15 November 2017. Retrieved 21 May 2018.{{cite web}}: CS1 maint: archived copy as title (link)
  6. "Noble rating cut to 'junk' as commodities continue to tumble". SCMP. Archived from the original on 25 June 2017. Retrieved 23 May 2017.
  7. "Ex-Noble Group's CEO Alireza Sues Founder Elman for $58 Million". Bloomberg.com. 14 June 2017. Archived from the original on 21 October 2017. Retrieved 21 October 2017.
  8. hermes (15 June 2017). "Noble's former CEO sues founder for $80m in shares". The Straits Times. Retrieved 1 September 2019.
  9. "Noble Group completes US$3.5 billion restructuring to emerge as smaller, unlisted firm". CNA. Archived from the original on 20 December 2018. Retrieved 28 August 2019.
  10. "Noble Group urges shareholders to receive shares in Noble Holdings". Singapore Business Review. 4 September 2018. Archived from the original on 12 August 2019. Retrieved 28 August 2019.
  11. "Singapore authorities block Noble's relisting plans". CNA. Archived from the original on 5 May 2019. Retrieved 28 August 2019.
  12. "Noble Group under investigation for suspected false statements, breaching disclosure requirements". CNA. Archived from the original on 21 November 2018. Retrieved 28 August 2019.
  13. "Exclusive: Humbled Noble Group seeks to rebuild LNG, energy businesses: sources". The Mighty 790 KFGO. Archived from the original on 28 August 2019. Retrieved 28 August 2019.
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