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Noble Group Ltd. Rejects Accounting Fraud Allegations - Quick Facts

Noble Group Limited (NOBGF.PK), a global supply chain manager of agricultural and energy products, metals and minerals, said it completely rejects the allegations made by the research firm Iceberg Research.

The company said all material information to which Iceberg Research refers is in the public domain and there has been no material adverse change since the company last reported.

The company reserves its rights against Iceberg Research.

Iceberg Research alleged that Noble uses accounting loopholes or aggressive accounting, in every component of its financials. Noble intentionally misleads credit agencies and investors. The auditor, Ernst and Young, is well aware of the situation and the financial similarities between Noble and the defunct commodity trader Enron are striking. The investment grade rating is definitely not justified.

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