“We found that Trafigura ignores economic reality to aggressively overvalue hundreds of millions in debt securities issued by an associate,” Iceberg said, adding that it holds a short position in Trafigura’s debt.
(June 20): Iceberg Research, the short seller that targeted commodities trader Noble Group, has another trading house in its sights: Trafigura Group.
Trafigura is overstating the value of debt securities related to its 49.5% stake in Porto Sudeste, an iron ore export terminal in Brazil, Iceberg, headed by Arnaud Vagner, said Wednesday in a report on its website. Iceberg estimates those securities may be worth only a 10th of the US$490 million ($665 million) carrying value that Trafigura attributes to them.
