Noble Group


Noble Group Holdings Limited is a commodity trader based in Hong Kong. It trades energy products and industrial raw materials. Its predecessor, Noble Group Ltd was embroiled in an accounting fraud controversy started in 2015 which eventually necessitated a debt restructuring.

Milestones

1997

Listed on the Singapore Stock Exchange.

2000

Included in the Fortune 500.

2009

China's sovereign wealth fund, China Investment Corp, took a 14.9% stake in the company.
CIC cut its stake to less than 10% in 2014.

2012

Completion of Gloucester coal and Yancoal merger.

2014

Agreement reached for a COFCO-led consortium to acquire 51% of Noble's agricultural business, forming JV Noble Agri.

Accounting fraud controversy and restructuring (2015-2019)

In 2015, Noble's share price tumbled as it was accused of accounting fraud by Iceberg Research, while its credit rating was downgraded to junk. The remaining 49% of its agricultural business was also sold.
Noble recorded net losses of $1.7 billion in 2015.
On 29 May 2016, CEO Yusuf Alireza was terminated by Elman. In 2017, Alireza sued Noble for compensation.
In 2018, Noble Group Ltd was de-listed from the Singapore Stock Exchange. The share price had collapsed 99% since Iceberg exposed Noble. Declaring a default, it went through a restructuring process that eventually led to the creation of Noble Group Holdings Ltd, while Noble Group Ltd, which incorporated in Bermuda is undergoing an winding up process through till end of 2019. The Singapore Stock Exchange blocked the listing of the restructured group on the uncertainty of the Noble's financial position. A criminal investigation on the alleged wrongdoings of Noble Group Ltd is under way in Singapore.
In 2019, Noble made several hires to rebuild its liquefied natural gas business.