Noble Group paid co-CEO US$20m even as company lost billions
It is more than the US$15 million that Noble has offered to pay holders of its perpetual bonds, which have a face value of US$400 million
London
NOBLE Group Ltd handed its outgoing co-chief executive officer, Jeff Frase, a remuneration package worth about US$20 million last year, even as the commodity trader slumped to a record loss of almost US$5 billion.
The scale of the award, reported in Noble's annual financial statements last week, is likely to provoke consternation as the embattled trading house attempts to secure agreement from its creditors and shareholders for a restructuring plan that would impose heavy losses.
The remuneration is more than the US$15 million that Noble has offered to pay holders of its pe…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
PBOC steps up rhetoric against long-end government bond rally
Texas Instruments gives solid forecast in sign of comeback
Cordlife customers push for legal action
China’s Noah to hire 50 to 100 wealth managers in Hong Kong, Singapore
Australian inflation boosts case for higher-for-longer rates
Gold edges down as Middle East worries ebb