Singapore authorities have launched an investigation into Noble Group over alleged “false and misleading statements and breaches of disclosure requirements”.
The investigation by the Commercial Affairs Department of the Singapore Police Force, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) comes just days before Noble is due to complete its $3.5bn debt restructuring deal.
The authorities said they are also looking into a potential “non-compliance with accounting standards” by Noble subsidiary, Noble Resources International (NRI).
“CAD and MAS have directed Noble Group and NRI to produce documents relating to the preparation of Noble Group’s financial statements,” the authorities said in a statement.
They said this followed a “thorough review” of other relevant information, including information referred to the authorities by the Singapore Exchange's regulatory arm and other third parties.
“ACRA has notified NRI’s board of directors that it has made findings of suspected breaches of the Companies Act and has required the directors to furnish further information as part of the ongoing investigation,” the statement added.
“This follows an extensive review of the financial statements of NRI for the financial years ended 31 December 2012 to 31 December 2016.”
The Singapore Exchange’s regulatory unit said it will review if the investigations will impact the financial statements already disclosed by Noble Group related to its restructuring, it said a separate statement.
“Trading can only start after restructuring has been completed and this is in turn dependent on our review,” it added.
Noble said it would continue with its plans to restructure, despite noting an investigation by Singapore authorities into suspected disclosure breaches by the firm.
It said in a statement that it would “cooperate fully” with the authorities in their investigation.
