Monthly Archives: March 2015

Third Report on Noble Group, a repeat of Enron: Governance, Debt and Liquidity Headroom

Summary of findings: There are an impressive series of red flags drawn when reviewing Noble’s governance: independent directors on the board for 19 years, key shareholders and staff leaving the company, “negative assurances” taken off the website, the high number of reservations expressed by the auditor in the annual report, etc. Noble substantially understates both […]

Comments on FY2014 results and Noble’s rebuttals

We refer to Noble’s recent announcements on Iceberg’s reports and the company’s FY2014 results. It is clear that Noble’s reactions show that the management is extremely nervous. Noble has a well known history of trying to aggressively discredit people when the company dislikes them. We prefer to remain focused on the financial arguments. FY2014 results […]