November 21, 2018 / 1:03 AM / 21 days ago

Noble Group says to push on with restructuring despite regulatory probe

FILE PHOTO: Photo of Noble Group logo at investor event from August 2015/File Photo/File Photo

(Reuters) - Embattled commodity trader Noble Group Ltd (NOBG.SI) on Wednesday said it would continue with its plans to restructure, despite noting an investigation by Singapore authorities into suspected disclosure breaches by the firm.

Noble said in a statement that it and its unit Noble Resources International had received correspondences from Singaporean authorities regarding their investigation into suspected false and misleading statements made by the companies.

The firm said it would cooperate fully with the authorities in their investigation.

Noble, once Asia’s top commodity trader, has seen its market value all but wiped out from $6 billion in February 2015 after its accounting was questioned by Iceberg Research. To rescue itself, Noble has shrunk its business by selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs, while defending its accounting.

Reporting by Ambar Warrick in Bengaluru

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