It will initiate a third-party review.
A review by auditor PricewaterhouseCoopers will put Noble Group’s contested mark-to-market models and valuations to the test.
The embattled commodity trading giant today said that it has commissioned PwC to conduct an assurance review of Noble's MTM models, valuations, and governance framework.
Noble’s MTM model came under fire from short sellers early this year, which brought about an unprecedented share price crash.
The group has also set up an independent Board Committee consisting of four non-executive independent Noble Board members: Paul Brough, who will serve as Chairman, joined by Irene Lee, Richard Margolis and Christopher Pratt.
On completion of the PwC's review, the Committee shall report to Noble Group's Board and a summary of the review will be released to the public.
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