Noble Group, the trader under scrutiny for alleged aggressive accounting tactics, has moved to reassure investors by pledging increased disclosure in its first-quarter results and giving details on commodity-backed financing.
Shares in Noble, Asia’s largest commodity trader by revenue, have dropped more than 25 per cent since the middle of February when an unknown group called Iceberg Research published the first of three reports criticising the Singapore-listed company’s financial reporting.
The company, which is based in Hong Kong but listed in Singapore, has since been attacked by Muddy Waters, the US short seller, which has questioned the trader’s financial strength and governance.
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