Noble sees its future as a smaller, nimble company: Elman

Hong Kong

NOBLE Group, Asia's biggest commodities trader, expects to ride out the market downturn and recover from recent accounting-related allegations by turning into a nimble and asset-light company, its founder and chairman Richard Elman said on Friday.

Mr Elman, 75, said he sees no further disruptions to the business from charges that Noble inflated its assets by billions of dollars by inaccurately representing the value of its contracts. "We need to go back to being modest and cautious and economical," said Mr Elman, who set up the Hong Kong-based group with US$100,000 in 1986.