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AGRIBUSINESS, ENERGY & OFFSHORE, PROFESSIONAL SERVICES/LEGAL | Staff Reporter, Philippines
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Noble Group sues former credit analyst, seeks ban on Iceberg reports

It has filed an injunction with the Hong Kong High Court.

A report by Reuters revealed that Noble Group has asked a court to ban an ex-analyst and a firm he is associated with from publishing what it said was false information, after a slew of reports by an obscure research firm shaved off as much as a third of the commodity trader's market value over the past month.

The injunction, filed at a Hong Kong court, comes after Iceberg Research issued its third report about one of Asia's biggest commodity traders, saying Noble had substantially understated its gross and net debt.

Hong Kong-headquartered Noble has repeatedly rejected Iceberg's claims, but its market value has shrunk by as much as $1.8 billion since the mysterious research group accused it in mid-February of inflating asset values by billions of dollars through aggressive accounting.

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