Noble's sale of energy unit will not solve crisis: Iceberg Research

ICEBERG Research fired another salvo against Noble Group on Thursday, and also accused Singapore regulators of being remiss in their duties.

In a post on its website, Iceberg said that Noble's sale of its US energy business will not solve the crisis, and that Noble is sinking in a perfect storm. "The previous sale of Agri, Energy Solutions only borrowed time," it said.

It also accused the Singapore Exchange (SGX) and the Monetary Authority of Singapore (MAS) of failing in their regulatory functions for allowing Noble to raise more money based on a balance sheet that has attracted questions.

Said Iceberg: "It is well known that the SGX, a small stock exchange, struggles to attract IPOs (initial public offerings) in Asia. The Noble saga that has attracted a lot of attention is not helping.

"Why would a foreign investor put money on the Singapore stock exchange when a company like Noble can misrepresent its financial condition for more than two years with impunity?"