Noble Group paid co-CEO US$20m even as company lost billions

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.