Noble Group provides reason for founder Richard Elman's resignation

NOBLE Group said late on Friday that the reason for founder Richard Elman's resignation as non-executive director was due to his "amicable differences of opinion with the board and the ad hoc group of creditors".

Mr Elman, who founded Noble in 1986, was the chairman emeritus of the troubled commodities group before he abruptly stepped down from his role with effect on 20 March 2018.

He had departed as CEO at the end of 2009 and became non-executive chairman before his latest move. He remains a substantial shareholder of the company.

Goldilocks Investment Company - the plaintiff in the lawsuit accusing the defendants of inflating Noble's profits - had earlier hailed Mr Elman's resignation as a "new dawn" for the company.