Singapore needs appropriate laws, enforcement mechanisms to handle debacles like Noble bust

NOBLE Group and its enablers insisted that its books were not cooked, and threatened to take legal action against whistleblowers and journalists who suggested otherwise.

On Aug 24, the Monetary Authority of Singapore, the Accounting and Corporate Regulatory Authority (Acra) and the Commercial Affairs Department (CAD) said in a joint statement that a unit of Noble had applied “incorrect accounting treatment” to marketing agreements with mine owners and coal producers that had the effect of inflating the group’s reported profits and net assets from 2016 to 2018.

Many investors may feel that Noble’s comeuppance has come too late, though.