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Rags to riches tale ends sadly for Noble Group founder Richard Elman

Noble is handed over to creditors in a restructuring deal that will leave Mr Elman with a mere 1.8% stake in the company he founded

While heading Phibro's Hong Kong operations, Mr Elman sensed that Asia was on the cusp of a major turnaround and ploughed US$100,000 of his savings into opening Noble Group in 1986 to prepare. His instincts turned out to be right.

WHEN Swiss commodity trader Andre & Cie went bust 17 years ago, Richard Elman pounced. He bought its Asian grains business for next to nothing as part of an acquisition spree that would make his own fledgling company, Noble Group Ltd, into Asia's biggest commodity trader within a decade.

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