Lessons from the Noble-Iceberg saga

NEWS that Noble Group's chief executive resigned earlier this week may have surprised some observers but not Iceberg Research, which has responded by saying that the departure was long overdue.

The same goes for the downgrading of Noble's credit rating to "junk" status by the various rating agencies over the past year.

In fact, ever since Iceberg first surfaced 16 months ago to question commodity firm Noble's financials, it would be fair to say that ensuing events have borne no surprise for those who shared Iceberg's views, whilst those events, culminating in this week's CEO resignation, have gradually eroded whatever scepticism the market may have had over Iceberg's claims.