SINGAPORE: Embattled commodity trader Noble Group on Wednesday (Nov 21) said it would continue with its plans to restructure, despite noting an investigation by Singapore authorities into suspected disclosure breaches by the firm.
Noble said in a statement that it and its unit Noble Resources International had received correspondences from Singaporean authorities regarding their investigation into suspected false and misleading statements made by the companies.
AdvertisementThe firm said it would cooperate fully with the authorities in their investigation.
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.
To rescue itself, Noble has shrunk its business by selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs, while defending its accounting.
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