SINGAPORE (Aug 20): In June 2013, Arnaud Vagner was fired from his position as senior credit analyst at commodity trader Noble Group. He says it was not till after he left, however, that he began to take a closer look at Noble’s financials. That was when he began to find misrepresentations in the company’s accounts.

On the phone with The Edge Singapore, from an undisclosed location in Europe, Vagner says it took him “months” to understand what was going on. He says he also checked his assumptions and calculations multiple times, and against available industry information. His investigations led him to start a website under the name Iceberg Research, where he began a crusade to expose Noble’s financial irregularities.

Since Feb 15, 2015, when Iceberg went public, Noble has lost nearly 99% of its market value. Now, the company is undertaking a restructuring with the hope of recovering some value for those who hold its shares, perpetuals and bonds. But Iceberg is suggesting that those same securities holders band together to sue the parties responsible for the loss of value instead.

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