Noble Group vehemently rejects accounting fraud accusations

The group has been hit with a trading query.

Noble Group vehemently denied allegations of accounting fraud which surfaced today, after the Singapore Exchange issued a query regarding the sharp drop in its share price.

A scathing report by Iceberg Research charged that Noble “exploits the accounting treatment of its associates to avoid large impairments and fabricate profit”.

“Noble Group Limited refers to the statements about the Company made by the research firm Iceberg Research. The Company completely rejects the allegations. All material information to which Iceberg Research refers is in the public domain. There has been no material adverse change since the Company last reported. The Company reserves its rights against Iceberg Research,” the group stated in a release on the SGX.

The company will announce its 2014 results on 26 February 2015.