Author Archives: Iceberg Research

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 […]

A Bad Restructuring Plan that Noble’s Creditors should reject

Debtwire announced that Noble Group may be nearing a deal to restructure its $3.5b debt with a debt-to-equity swap. Noble subsequently clarified that no agreement has been reached yet. If and when a deal is reached, creditors will have to approve it. This will not be straightforward as their interests strongly diverge. For example, the […]

Open Letter to Noble Group’s Creditors

Dear Noble Group’s Creditors, It is fair to say that your investment journey with Noble Group has been a tumultuous one. You probably feel nauseous after the months spent on this ship. Noble was a very large and diversified commodity trader with revenue of $86b. It was rated investment grade by three credit agencies. Now, […]