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Home News Asia Pacific

Noble penalties deemed ‘ridiculous’ by the person who introduced the buying and selling group down

by Globe NewsWire
August 31, 2022
in Asia Pacific
Reading Time: 2 mins read
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Iceberg Analysis, the outfit led by Arnaud Vagner which introduced down Asia’s largest commodities dealer 4 years in the past, has blasted the “ridiculous” penalties dished out final week following in depth investigations into considered one of Asia’s largest accounting frauds.

Final week Singapore authorities fined Noble $9m with reprimands handed to 2 of its unnamed administrators for his or her involvement.

The decline and fall of Noble happened from Vagner, an ex-employee turned whistleblower, who virtually singlehandedly introduced down the multi-billion greenback empire of what was once Asia’s largest commodities dealer.

“The Singapore authorities’ choice has zero monetary affect on the principle perpetrators,” Vagner wrote in a publish on the Iceberg Analysis website, suggesting that quite a few folks ought to have been prosecuted together with from auditing agency E&Y.

“Inventory change regulators are outlined by the actions they take towards main frauds. Noble’s fraudsters will get away with no consequence in Singapore,” Vagner wrote.

Whereas Vagner had many occasions in contrast Noble’s accounting practices to that of Enron, the bust American vitality large, he lambasted the Singapore Change’s (SGX) remedial actions.

“It’s extensively believed that prosecuting Enron’s administration and reinforcing the regulatory setting strengthened capital markets within the US together with their aggressive place. The Noble saga was a chance for the SGX to redeem itself. However its refusal to prosecute Noble’s fraudsters is the final straw for its already tarnished status,” Vagner wrote in his publish revealed yesterday. 

Talking with Splash, Vagner mentioned: “Singapore took seven years to conclude there was one thing mistaken with the commodity contracts, which I defined to them at size in Could 2015. The wonderful is ridiculous in comparison with the injury. They don’t prosecute any managers. They gained’t even publicly title the 2 administrators they timidly warn. Most significantly, the retail buyers who misplaced every little thing gained’t get a penny. In abstract, it’s a joke.”

Noble Assets Buying and selling Holdings, which was fashioned 4 years in the past within the UK as part of Noble Group’s reorganisation and has since been underneath new possession and administration, welcomed the conclusion of the investigation final week, eager to place the matter behind it.

“We’re wanting ahead to persevering with to work with our suppliers and serve our prospects, constructing on the sturdy begin to 2022,” the corporate acknowledged.



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