Noble to stick with restructuring deadline despite launch of police probe

NOBLE Group will continue to work towards implementing its proposed restructuring within previously disclosed timelines despite the launch of investigations by Singapore law enforcement and regulators, the commodities trading company announced on Wednesday morning.

The statement came after the Singapore Police Force's Commercial Affairs Department, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) said on Tuesday that they were investigating suspected false and misleading statements and breaches of disclosure requirements by Noble, and potential non-compliance with accounting standards by Noble's wholly owned Noble Resources International unit.

That joint investigation came following a review of Noble Resources' financial statements for the years 2012 through 2016 by ACRA.

On Wednesday, Noble said that the investigators have sought documents and information relating to contracts and accounts for the years 2012 through 2017. Noble and its subsidiary intend to fully cooperate with the investigations, Noble said.

Noble has suspended trading of its shares on the Singapore Exchange, with a view to re-form and list as a restructured entity by Nov 27.