Noble issued a short reply on Wednesday emphaising that it has a “robust” accounting process and the support of its stakeholders, in response to criticism by Iceberg Research the previous day that the commodities trader had ordered a financial review simply to buy time.
In a 2,028-word blog titled "Confidence in Noble is clearly eroding", Iceberg had said that accountancy firm PwC will work on the valuation framework, rather than the valuation of the portfolio itself. It said that that sooner or later, Noble would have to recognise that its books have been manipulated for years. Iceberg concluded that Noble will need a white knight - one with deep pockets who is willing to invest in a firm with cash outflows and growing debt.
Reiterating that its auditing process is well within the official framework, Noble said in its reply, “Our accounting is robust, we are supported by our stakeholders and the third-party Assurance Review of our term contracts by PwC, overseen by an independent board committee and carried out in accordance with the Singapore Standard on Assurance Engagements, offers further transparency to the market.”.
The attacks were the first since Iceberg's last update on April 16, when it urged shareholders to challenge Noble's management on accounting and governance issues at its annual general meeting.
These alleged issues were first highlighted by Iceberg in February. Since then, Noble has been under public scrutiny, and its share price has fallen 43% in that period.
Noble appointed PwC this month to review its term contracts, valuations and the relevant corporate governance framework.
At 11.32am, the counter was down 0.5 cent at 66 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
In a 2,028-word blog titled "Confidence in Noble is clearly eroding", Iceberg had said that accountancy firm PwC will work on the valuation framework, rather than the valuation of the portfolio itself. It said that that sooner or later, Noble would have to recognise that its books have been manipulated for years. Iceberg concluded that Noble will need a white knight - one with deep pockets who is willing to invest in a firm with cash outflows and growing debt.
Reiterating that its auditing process is well within the official framework, Noble said in its reply, “Our accounting is robust, we are supported by our stakeholders and the third-party Assurance Review of our term contracts by PwC, overseen by an independent board committee and carried out in accordance with the Singapore Standard on Assurance Engagements, offers further transparency to the market.”.
The attacks were the first since Iceberg's last update on April 16, when it urged shareholders to challenge Noble's management on accounting and governance issues at its annual general meeting.
These alleged issues were first highlighted by Iceberg in February. Since then, Noble has been under public scrutiny, and its share price has fallen 43% in that period.
Noble appointed PwC this month to review its term contracts, valuations and the relevant corporate governance framework.
At 11.32am, the counter was down 0.5 cent at 66 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment