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Noble Group Plans To Take Legal Action Against Iceberg Research

Noble Group Limited (NOBGF.PK), a global supply chain manager of agricultural and energy products, metals and minerals, said it rejected latest allegations made by the research firm Iceberg Research as "inaccurate, unreliable and misleading".

The company stated that it will start legal proceedings against Arnaud Vagner, a resident in Hong Kong,Enlighten Ace Ltd, a Seychelles company and any associates, at the Hong Kong High Court for conspiracy to injure Noble Group.

"Iceberg are not the independent research house they claim to be. Their actions, and
their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research," Noble Group said.

"Now that the third report has been issued, we have examined every aspect of all three reports with our lawyers," Noble Group said.

In Mid-February 2015, Noble Group had said it completely rejects the allegations made by the research firm Iceberg Research.

Iceberg Research had 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, was well aware of the situation and the financial similarities between Noble and the defunct commodity trader Enron are striking. The investment grade rating was definitely not justified.

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