ENERGY & OFFSHORE | Staff Reporter, Singapore

Iceberg Research launches new fraud hit at Noble

The group says Noble's balance sheet may still be mired.

According to Bloomberg, Noble Group Ltd.’s (Noble) long-time foe Iceberg Research made a fresh attack on the embattled commodity trader on Tuesday, saying that its balance sheet may still mask problems and that the company’s bid to restructure its obligations won’t lead to a turnaround.

“The problem with this company is not only that assets have been wildly overvalued. Some liabilities have probably been drastically undervalued,” Iceberg said in an open letter to the creditors of the Hong Kong-based company. “Don’t believe that Noble’s balance sheet is clean after they recognized billions of impairments.”

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