Noble rebuts Iceberg's claims

Singapore

COMMODITY trader Noble Group on Tuesday defended its financial statements as its shares continued to reel for a second day following accusations of accounting malpractices by Iceberg Research, a little-known research firm. The two-day fall saw its market value plummeting S$1.05 billion

Iceberg Research had on Sunday published a report that questioned Noble's treatment of certain companies such as Australian coal miner Yancoal as associates, and said the practice "grossly overstated" the value of these companies.