February 7, 2020 / 11:44 AM / 12 days ago

Former CFO at energy trader Gunvor joins Noble Group

LONDON (Reuters) - Asian energy trader Noble Group said on Friday it had hired the former chief financial officer of Swiss-based Gunvor, Jacques Erni, as its new CFO.

Erni joins the firm as it seeks to rebuild after a difficult few years. Erni joined Gunvor in 2006 and was its CFO from 2013 until May 2019. [nFWN2A70DB][nL8N23E2ER]

Noble, once a major global trader and listed in Singapore, saw its market value all but wiped out from $6 billion in February 2015 after Iceberg Research issued reports accusing it of inflating its assets.

The company was de-listed and shrunk down to an Asia-focused coal-trading business after it was forced to sell key global assets and divisions, such as its oil and gas books in the United States.

Shareholders approved a $3.5 billion debt restructuring deal that was completed in December 2018, saving the firm from total collapse.

The firm is looking to rebuild its liquefied natural gas (LNG) business and develop a rare earths business as a new niche. It also trades base metals. [nL4N25H1ZU]

Reporting by Julia Payne; Editing by Edmund Blair

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