MAS says reviewing statements in research report on Noble; its shares open 1% higher

http://www.straitstimes.com/news/business/companies/story/mas-says-reviewing-statements-research-report-noble-group-20150218

PUBLISHED ON FEB 18, 2015 9:10 AM

SINGAPORE (Reuters) – The Monetary Authority of Singapore (MAS) said it was reviewing a report by Iceberg Research that claimed commodity trading firm Noble Group used aggressive accounting to mislead investors.

“MAS will take appropriate action if there are breaches of the SFA,” it said in an email to Reuters, referring to the Securities & Futures Act.

Responding to the MAS move, Noble said in a statement to the Singapore Exchange later on Wednedsay morning that it “welcomes this development and will fully co-operate with, and fully support, the MAS investigation.”

The company, which is listed in Singapore but based in Hong Kong, has rejected Iceberg’s allegations made in a report posted online on Sunday.

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