Accounting fraud allegations “without substance”, says Noble

But the trading halt will not be lifted.

Noble Group today reiterated that Iceberg Research’s allegations of accounting fraud are “without substance”, stating that the company is “comfortable” to publish its 2014 results this evening as scheduled.

“The statements made by Iceberg are materially and factually inaccurate. Our core businesses are in robust health and the statements made by Iceberg cannot be relied upon in assessing the Company’s financial condition. In addition, the Iceberg report does not take account of the contributions of our many other businesses, such as Oil Liquids, Power and Gas, and Metals, and our Energy Solutions business,” Noble stated in a release to the SGX.

However, Noble’s auditor Ernst & Young have said that they require more time to review their own internal processes in the light of the third party allegations before signing off on the accounts.

“They have undertaken to conduct their review as quickly as possible. The trading halt will continue until further notice. The Company and its management invite our stakeholders to contact us to discuss any questions or concerns you may have,” Noble stated.