Author Archives: Iceberg Research

Diginex’s ($EQOS) inconsistent data point to massive trading volume manipulation

Diginex’s share price ($EQOS) has plunged 42% since we published ‘Diginex Ltd: A Crypto Zero’ on 15 April 2021. We highlighted the company’s weak competitive position, dubious transactions history, accusations of selling assets without authorisation, and insiders aggressively selling their shares.  Despite being a listed company, the management of Diginex has not responded to our […]

Diginex Ltd ($EQOS): a Crypto Zero

Please see our full disclaimer at the bottom of the report. Summary of Findings Diginex’s key product is its crypto-exchange Equos. The exchange is ranked 296 out of 306 and competes against larger and well-funded exchanges. The company is trying to differentiate Equos as a secure and reliable platform catering to institutional investors. However, Diginex’s […]

EOS Energy ($EOSE) Has Just Admitted it Lied About its Contracts

EOS released a new corporate presentation on its website. We note a complete change in the way it presents its “customers”. Contracts with IEP/Carson/Enersmart/Hecate were initially trumpeted as major orders in triumphant press releases. They are now described as follows. Source: EOS 19-Jan-21 investor presentation Let’s remember how EOS used to present its agreements before […]

EOS Energy ($EOSE): Fake Customers won’t Recharge a Dead Battery

Please refer to the disclaimer below. Summary of Findings: Energy-storage battery manufacturer EOS Energy Enterprises Inc (“EOS” – ticker $EOSE) has raised and burned through $160m over the 12 years of its existence prior to its SPAC merger on 17 November 2020. EOS was only able to generate $35k revenue in the first nine months […]

What really killed Nyrstar NV? Shareholders have a strong case against Nyrstar’s board and Trafigura

Nyrstar’s shareholders are suing Nyrstar and ultimately plan to seek hundreds of millions of damages from Trafigura. They believe Trafigura used its influence on Nyrstar to sign extremely onerous contracts that led to Nyrstar’s bankruptcy and crushed minority shareholders. Trafigura now owns 98% of the restructured Nyrstar while the other shareholders have been virtually wiped out. […]

Trafigura ignores market prices to fabricate profit and hides sizeable losses on its balance sheet

Please refer to the disclaimer below. Commodity trader Trafigura has accumulated a massive debt of $33b and has recorded a negative operating cash flow of $7.3b since 2016. When they finance Trafigura, banks and bondholders probably derive comfort from the valuation of Trafigura’s assets, more than its cash flows. We found that Trafigura ignores economic […]

Message to Noble Group’s current and past securities holders who are not satisfied with Noble’s proposed restructuring and want to join lawsuits against the parties associated to this fraud for a better financial recovery

Many investors of Noble Group (shareholders, perpetuals, bonds holders), who have suffered massive losses, have asked us how they could sue Noble, its managers and the parties responsible for this major fraud, including its auditor and the banks that have facilitated this scheme. These investors are naturally exasperated. The same team that has cooked the […]

Questions to Noble Group’s management for the Q1 2018 conf call

Here are our questions to Noble’s management before its Q1 2018 conference call. 1) Noble’s chairman, Paul Brough, and its founder, Richard Elman, believe that the “new Noble” post restructuring will be more successful than the “old Noble”, now insolvent. However, the new Noble looks a lot like the old Noble: same management, same director […]

Dead Men Walking

The following was offered as an open letter to all Noble Group’s shareholders, creditors, bondholders, and employees. The author, Michael Dee, is the ex-CEO of Morgan Stanley South East Asia and a former managing director of Temasek. He has been an early critic of Noble Group’s accounting practices and management.   Noble should not be […]

Once again, Noble’s managers are lying. This shameless restructuring plan is not the only option for Noble’s stakeholders.

Three years ago, we published a series of reports on Noble group. Our thesis at that time was that Noble, like Enron, was hiding billions of losses by creating fake assets. Many investors chose to believe this company, its auditor, the credit agencies that didn’t see any issue with the huge fair values, and the […]