Just seven years ago, Noble Group was an $11 billion-plus Asian commodity powerhouse, trading everything from soybeans to oil. Now it’s worth barely $80 million, rooted among Singapore’s penny stocks.
Noble has posted huge losses provoked by a lack of trade financing and market calls that went sour, while also whittling down a mountain of debt. On Tuesday, it reported a narrower first-quarter loss than a year ago, although saying its performance was still beset by constraints on liquidity and trade finance.
Shareholder meetings and legal rulings over the next few weeks will decide whether it survives.Amid accusations of false accounting levelled in 2015 by Iceberg Research, and a legal spat this year, a long slide in investor confidence has seen most of Noble’s market value wiped out. Read More