Iceberg Research’s third report issued at the weekend focuses on debt levels and corporate governance. It also make allegations linking Noble’s short-lived foray into the Singapore bunker market to the bankruptcy of OW Bunker in November last year. Noble closed down its bunkering business in Singapore in 2013 but the report alleges activities with local companies continued.
Meanwhile Noble said it would be taking legal action the individual it says is behind the reports.
“Iceberg are not the independent research house they claim to be. Their actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research,” Noble said in a statement to the Singapore Exchange.
“Later today we will start legal proceedings against Arnaud Vagner, a resident in Hong Kong, Enlighten Ace Ltd, a Seychelles company and any associates, at the Hong Kong High Court for conspiracy to injure Noble Group.”
Unlike previous reports, which hit Noble’s share price, the company’s shares rose on trading on Monday and were up 2.85% on at $0.90 at the time of writing.
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