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Noble commissions review of mark to market models and valuations
Noble Group said on Tuesday that it has initiated a third party review of mark to market (MTM) models and valuations.
The commodities group, which came under flak for its accounting practices and lack of transparency, said its board has set up an independent board committee consisting of four non-executive independent Noble Board members: Paul Brough (as Chairman), Irene Lee, Richard Margolis, and Christopher Pratt.
The committee in turn has appointed PricewaterhouseCoopers LLP (PwC) to conduct an assurance review of Noble's MTM models, valuations, and governance framework.
"In the interests of transparency, the Board of Directors of Noble Group, in consultation with Noble's senior management, has commissioned a third party review of Mark to Market models and valuations,'' Noble said.
On completion of the PwC's review, the committee will report to the board and a summary of the review will be released, it said.
The troubled commodities group said on Monday that next month it would redeem early a US$235 million bond that is set to mature in 2020. The move was aimed at cutting its interest costs and making its balance sheet more flexible.