MAS to probe Noble on alleged accounting fraud

Noble "welcomes" the review.

The Monetary Authority of Singapore (MAS) will be reviewing allegations of accounting fraud against commodity trader Noble Group.

“MAS is reviewing the statements in the Iceberg research report. All market participants are subject to market conduct provisions in Part XII of the Securities & Futures Act. MAS will take appropriate action if there are breaches of the SFA,” the MAS stated in response to queries from SBR.

In a release to the SGX today, Noble stated that it “welcomes this development and will fully co-operate with, and fully support, the MAS investigation.”

Noble had previously issued two strongly-worded statements to counter accusations of accounting fraud that was levied against it by Iceberg Research, a little-known research house.

Iceberg’s damaging report caused two days of sell-offs of Noble’s stock. The report was made all the more damaging by its uncanny timing, which was right before the holiday season and barely a week before Noble releases its results.