PwC to review Noble's mark-to-market valuations

Under fire over its valuations of its businesses Noble Group has commissioned a third party review of its mark to market (MTM) models and valuations.

A committee of four independent directors of Noble has appointed PricewaterhouseCoopers (PwC) carry out an assurance review of its MTM models and valuations.

“On completion of the PwC’s review, the Committee shall report to the Board and a summary of the review will be released,” Noble said.

Noble has been under fire over its MTM valuations and a lack of transparency since blogger Iceberg Research issued its first report in late February. Others including short-seller Muddy Waters and former Temasek Holdings managing director Michael Dee haves joined in with criticism of the Hong Kong commodities and shipping firm, which is listed on the Singapore Exchange (SGX).

SGX said it welcomed the third party review. “SGX has been monitoring public comments and Noble Group’s responses. We have been in close communication with the company on meeting the needs of its stakeholders and we look forward to the company’s release of the results of the third-party review,” it said.

Posted 07 July 2015

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Marcus Hand

Editor, Seatrade Maritime News

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