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Noble and Iceberg Research war of words continues

Noble and Iceberg Research war of words continues
The war of words between Noble Group and anonymous analyst Iceberg Research continued this week, with the Hong Kong company describing the allegations in its reports as “false”.

On Thursday Noble issued a lengthy rebuttal to Iceberg Research’s first two reports and claimed that the author of the report is a former credit analyst for the group whose employment was terminated in 2013.

Noble ceo Yusef Alireza also pledged greater transparency from the commodities and shipping group which is listed on the Singapore Exchange. “Most of our competitors are private and release very little public information, but our experience over the last two weeks is a strong message, that as a public company, we need to accelerate down our current path of increased transparency,” he said.

Meanwhile Iceberg Research responded with a new report commenting on Noble’s annual results and its rebuttal saying it was clear Noble’s reactions showed a "high degree of nervousness".

In its latest report Iceberg Research claimed Noble would have to make further writedowns on the value of associate Yancoal, which Noble took a $200m impairment on in its fourth quarter results. Noble said it took the decision on impairment at the end of Q4 2014 and not in response to the Iceberg Research report.