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Iceberg Research questions role of MAS, SGX after blogging 'Noble is sinking'

Bloomberg Published on Thu, Aug 03, 2017 / 2:00 PM GMT+8

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SINGAPORE (Aug 3): Noble Group received a fresh broadside from Iceberg Research as the commodity trader’s long-time foe predicted that the company will probably fail, while telling executives that the anonymous commentator will not be silenced by being sued. Its shares traded steady.

“Noble is sinking in a perfect storm,” the researcher said in a report on Thursday. “The company is walking toward bankruptcy and liquidation. Its cost of fund is prohibitive. Noble is losing the confidence of its counterparties and of its banks. Key traders are leaving.”

An external media spokesperson for Noble Group declined to comment on the report when contacted by Bloomberg. Iceberg Research, which doesn’t identify its analysts, has been sparring with the Hong Kong-based company for more than two years. The trader has repeatedly denied Iceberg’s allegations.