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Singapore: Noble Group under investigation by SPF, MAS, ACRA

21 Nov 2018

The Commercial Affairs Department (CAD) of the Singapore Police Force (SPF), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) on Tuesday says they have started a joint investigation of Noble Group.

The Singapore-listed commodities trader is suspected to have made false and misleading statements and breaches of disclosure requirements under the Securities and Futures Act (Cap. 289), they say.

Its wholly-owned subsidiary, Noble Resources International Pte Ltd (NRI) will also be investigated for potential noncompliance with accounting standards under Section 201 of the Companies Act (Cap. 50).

ACRA has notified NRI’s Board of Directors it 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 the financial statements of NRI for the financial years ended 31 December 2012 to 31 December 2016.

CAD and MAS have directed Noble Group Ltd 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 Pte Ltd and other third parties.

Noble Group on Friday (16 November) requested for suspension of trading on the Singapore Stock Exchange and filed for relief under Chapter 15 of the Bankruptcy Code at the U.S. Bankruptcy Court Southern District of New York.

Published: 21 November, 2018
 

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