"WHY has the company come to this stage?"
A hapless shareholder at Noble Group's recent special general meeting (SGM) asked that question, articulating the resignation and frustration shared by many other investors in the distressed commodity trader.
Therein lies what is perhaps the great tragedy of the Noble saga: That those paying the heaviest price for the company's downfall are the ones who know the least about what went wrong.
Three years - and counting - after it was first accused of aggressive accounting practices by Iceberg Research, Noble has not given minority shareholders a meaningful explanation for its collapse, and nobody in the company has been held accountable for creating this sorry...