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Noble says it does not wish to comment further on Iceberg's allegations

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Noble Group Limited said on Monday that it does not want to comment further on allegations hurled by Iceberg Research, having "already commented extensively" on them.

NOBLE Group Limited said on Monday that it does not want to comment further on allegations hurled by Iceberg Research, having "already commented extensively" on them.

"The company provided a comprehensive update to the market on July 26, 2017, and will continue to provide further updates as appropriate," it added.

The short release was issued in response to statements from Iceberg Research on Aug 3 that cast doubts on Noble Group's plans to resolve its crisis with plans to sell US energy units.

Noble had, in the week before, announced radical plans to dispose of its profitable energy business units to pay off debt, and warned of a possible loss of as much as US$1.8 billion for the second quarter.

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The beleaguered group agreed to sell its North American gas and power operations to Mercuria Energy America for US$248 million, and commenced a formal sales process for its global oil liquids business. The proceeds from these will be used to repay as much as US$3 billion in credit facilities linked to these operations, as well as the group's remaining debt.

But in a post on its website, Iceberg - which Noble has said is helmed by a disgruntled former employee - said that the sale of these businesses would not solve the crisis for Noble, just as the previous sale of Noble Agri and Noble Americas Energy Solutions "only borrowed time".

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