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Noble Group hits back at Iceberg, says financial reporting in line with IFRS
NOBLE Group on Tuesday hit back at claims by Iceberg Research on the latter's claims of accounting malpractices.
Its financial results are reported in line with the International Financial Reporting Standards, and have been audited by Ernst and Young with unqualified opinions, the commodity trader said in a statement on the Singapore Exchange after trading hours.
"The carrying values of our associates, including Yancoal, are tested for impairment using discounted cash flow models that are updated every quarter," Noble said.
Iceberg Research, a little-known research firm, had on Sunday published a report that questioned Noble's treatment of certain companies as associates, and said that it "grossly overstated" the value of these companies.
In the rare statement, Noble also took issue with Iceberg's approach.
"If their intention, as claimed in the report, was to highlight supposed deficiencies in our accounting principles for the benefit of investors, it would have been normal to approach the group to discuss their concerns, rather than publishing a report of this kind shortly before our annual results announcement and just before a holiday period," the group said.
Shares for Noble ended trading at S$1.05, or 5.4 per cent lower on Tuesday.