Authorities probing false statements, breaches by Noble

THE Commercial Affairs Department (CAD), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) are jointly investigating suspected false and misleading statements and breaches of disclosure requirements by Noble Group, and potential non-compliance with accounting standards by its subsidiary, Noble Resources International (NRI).

In a joint statement on Tuesday, they said that NRI's board has been notified that ACRA 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 NRI's financial statements for the financial years ended Dec 31, 2012 to Dec 31, 2016. The CAD and the MAS have directed Noble Group 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 and other third parties, they said in the joint statement.