Richard Elman has always dreamt big. The British-born scrapyard dealer-turned-billionaire commodity trader and founder of Noble Group spent more than a decade riding the wave of China’s growth. In April 2011 he promised investors there was more to come.
“We are in a position to be the best in the world,” he told shareholders in the Noble annual report as he boasted of record profits. “And among the biggest.”
He had every reason to be confident. China Investment Corp, the country’s sovereign wealth fund, held a big stake in the company; Noble was expanding across the globe; and its market capitalisation had just topped $14bn.
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