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Noble Resources Trading Holdings Limited (commonly known as Noble resources) 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 The ''Fortune'' 500 is an annual list compiled and published by '' Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
.


2009

China's sovereign wealth fund, China Investment Corp (CIC), took a 14.9% stake (573 million shares) in the company. CIC cut its stake to less than 10% in 2014.


2012

Completion of
Gloucester coal Gloucester ( ) is a cathedral city and the county town of Gloucestershire in the South West of England. Gloucester lies on the River Severn, between the Cotswolds to the east and the Forest of Dean to the west, east of Monmouth and east of ...
and
Yancoal Yancoal is an Australian coal mining company operating mines in New South Wales, Queensland and Western Australia. A dual-listed company on the Australian Securities Exchange and the Hong Kong Stock Exchange, it is majority owned by Yanzhou C ...
merger.


2014

Agreement reached for a COFCO-led consortium to acquire 51% of Noble's agricultural business, forming JV
Noble Agri A noble is a member of the nobility. Noble may also refer to: Places Antarctica * Noble Glacier, King George Island * Noble Nunatak, Marie Byrd Land * Noble Peak, Wiencke Island * Noble Rocks, Graham Land Australia * Noble Island, Gr ...
.


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 A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting. ...
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 Yusuf Abdulla Yusuf Akbar Alireza (born August 1970, Bahrain) is the chief executive officer (CEO) and co-founder of ARP Global Capital, a fund based in Dubai. In addition to his time spent at Goldman Sachs where he was a partner and co-head of the ...
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.


References


External links


Noble Resources Trading Holdings Limited Official website
{{authority control Logistics companies of Hong Kong Companies listed on the Singapore Exchange Companies formerly listed on the Hong Kong Stock Exchange