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| Asian giant Noble takes legal action over allegations | |
| (about 1 hour later) | |
| Asian commodities trading giant Noble Group has said it will launch legal proceedings over allegations made against the firm. | Asian commodities trading giant Noble Group has said it will launch legal proceedings over allegations made against the firm. |
| The move comes after little-known blog Iceberg Research released a series of reports over its accounting practices, claiming it inflated profits and understated its debt. | The move comes after little-known blog Iceberg Research released a series of reports over its accounting practices, claiming it inflated profits and understated its debt. |
| Noble will file legal proceedings in a Hong Kong court on Monday, it said. | Noble will file legal proceedings in a Hong Kong court on Monday, it said. |
| The company's shares have fallen as much as 30% in the wake of the reports. | The company's shares have fallen as much as 30% in the wake of the reports. |
| But in reaction to news of its legal move, Noble's Singapore listed shares were up 4% in early trade. | But in reaction to news of its legal move, Noble's Singapore listed shares were up 4% in early trade. |
| Allegations made | Allegations made |
| Iceberg Research released its third report on Noble on Saturday, saying the trading house had substantially understated its gross and net debt. | Iceberg Research released its third report on Noble on Saturday, saying the trading house had substantially understated its gross and net debt. |
| This follows a report released in mid-February accusing the Hong Kong based firm of using "accounting loopholes". | This follows a report released in mid-February accusing the Hong Kong based firm of using "accounting loopholes". |
| Noble, one of Asia's biggest commodity traders, called the claims "inaccurate, unreliable and misleading". | Noble, one of Asia's biggest commodity traders, called the claims "inaccurate, unreliable and misleading". |
| Iceberg's "actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research", Noble added in its statement. | Iceberg's "actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research", Noble added in its statement. |
| The firm has said that a former employee dismissed in 2013 was behind the reports from Iceberg. | The firm has said that a former employee dismissed in 2013 was behind the reports from Iceberg. |
| On Monday, Noble said it would launch legal action for conspiracy to harm the group. | On Monday, Noble said it would launch legal action for conspiracy to harm the group. |
| Nicholas Teo, market analyst at CMC markets said the third report from Iceberg is perhaps the "most direct assault" on the firm. | Nicholas Teo, market analyst at CMC markets said the third report from Iceberg is perhaps the "most direct assault" on the firm. |
| Nobles' shares have lost as much as $1.8bn (£1.2bn) in market value after the accusations, according to Reuters news agency. | Nobles' shares have lost as much as $1.8bn (£1.2bn) in market value after the accusations, according to Reuters news agency. |