INDUSTRIAL and energy company Noble Group crossed swords with Iceberg Research after the latter released a 17-page report in mid-February 2015, accusing the then-listed (now suspended) player of exploiting the accounting treatment of its associates to avoid large impairments and fabricate profit.

“We estimate Noble‘s equity is less than S$360 million - from a reported S$5.6 billion - after the various impairments we list (in Iceberg‘s report). On a price-to-book basis, the value of Noble‘s shares is conservatively valued at a mere 10 Singapore cents, a 92 per cent fall from the current share price,” Iceberg had then commented.

The report placed Noble’s financial valuation under intense spotlight and started the commodity group’s downfall over years as the authorities scrutinised its books amid its restructuring. Here, we traced its slide from its encounter with Iceberg to the financial penalty meted out to it.