The 83-year-old founder was a central figure in that drama, leading the company through its highs and lows and doing battle with a group of hedge funds that held its debt, before eventually supporting a restructuring deal in 2018 that drastically reduced his stake and handed control of the company to its creditors.
The founder of Noble Group, the commodity trader that collapsed into insolvency in 2018, is suing the company over a debt restructuring that he says was unfair to minority shareholders including himself.
The lawsuit filed in Hong Kong by Richard Elman – whose stake in the company was worth more than a billion dollars at its peak – is the latest installment in the saga of Noble, which rode the China-led supercycle to become one of Asia’s largest commodity traders before collapsing just as spectacularly in a scandal over its misleading accounts.
