Singapore's MPA backs Hong Kong's Noble Group's denial of wrong-doing

THE Maritime and Port Authority (MPA) ofSingapore's investigation has backed denials of wrong-doing made by Iceberg Research against a unit of Hong Kong's Noble Group, which has taken accusers to court.

Noble Group's market value has fallen by about $1.8 billion since Iceberg Research began publishing its reports saying the company had seriously understated debt, allegedly written by ex-company analyst Arnaud Vagner, said Reuters.

The MPA, in an emailed statement to Reuters, said it had in 2013 received information "relating to the conduct of Noble Resources International Pte Ltd, but did not find any malpractices by the company".

Singapore-based Noble Resources used to trade and supply shipping fuel oil in the world's largest refuelling port before exiting the market in 2013.

The allegations against Noble Resources were made in the latest of three reports by Iceberg Research. Noble Group's market value has fallen US$1.8 billion since Iceberg Research began publishing its reports.

An application for an injunction, filed in a Hong Kong court, comes after Iceberg Research issued its third report saying Noble had understated its debt.

Noble has rejected Iceberg's claims, but its market value has shrunk by as much as US$1.8 billion since the accusation came in mid-February of inflating asset values through aggressive accounting.

Pressure also mounted on Noble after it unexpectedly reported its first quarterly loss in three years, and the slump in its share price has raised the prospect of a possible takeover, bankers told Reuters.

Noble has accused Hong Kong credit analyst Arnaud Vagner, a man the company fired in 2013 after two years and the Seychelles firm behind Iceberg Research, of conspiring to damage its business and drive down its share price by "anonymously spreading false and misleading information".

Iceberg Research was not available for comment and has refused to provide any information about its organisation.