Industry watchdog gives Noble a vote of confidence

Iceberg’s latest report shouldn’t worry shareholders.

Beleaguered commodity trader Noble Group has clinched a vote of confidence from the Securities Investors Association of Singapore (SIAS).

After speaking with Noble’s management following the group’s full-year earnings release, SIAS president David Gerald said that the allegations raised by Iceberg Research’s latest report should be “of no concern” to shareholders.

SIAS also noted that the Iceberg report had no discernible impact on Noble’s share price. Noble’s share price rose 6% the day after Iceberg released its fourth report, which coincided with the release of Noble’s full-year results.

“Noble has expressed its willingness to continue to engage with SIAS on a regular basis as part of the company’s outreach to retail investors. SIAS also cautions investors not to accept reports by unregistered and unregulated writers and bloggers,” Gerald said in a statement. 

In its fourth report on Noble Group, Iceberg Research alleged that Noble Group’s credibility has been irrevocably wrecked by a year of controversy. Iceberg also said that there will be more write-downs for Noble in the future.