Noble Group

Last updated

Noble Resources Trading Holdings Limited
Native name
來寶集團
Company typePrivate
Industry Commodity Trading
PredecessorNoble Group Ltd
Founded1986;38 years ago (1986)
Founder Richard Samuel Elman
Headquarters Hong Kong
Products Energy, Metals, Minerals, Logistics
RevenueUS$46 billion (2016)
Number of employees
500 (2019)
Website www.thisisnoble.com

Noble Resources Trading Holdings Limited (commonly known as Noble resources) is a commodity trader based in Hong Kong. It trades energy products and industrial raw materials. Its predecessor, Noble Group Ltd was embroiled in an accounting fraud controversy started in 2015 which eventually necessitated a debt restructuring.

Contents

History

In 1997, Noble resources was listed on the Singapore Stock Exchange. [1]

In 2002, Noble resources was included in the Fortune 500.

In 2009, China's sovereign wealth fund, China Investment Corp (CIC), took a 14.9% stake (573 million shares) in the company. [2]

In 2012, Completion of Gloucester coal and Yancoal merger. [3]

In 2014 CIC cut its stake in Noble resources to less than 10%.

A consortium led by COFCO Group acquired 51% of Noble's agricultural business, forming JV Noble Agri. [4]

Accounting fraud controversy and restructuring (2015-2019)

In 2015, Noble's share price tumbled as it was accused of accounting fraud by Iceberg Research, [5] while its credit rating was downgraded to junk. The remaining 49% of its agricultural business was also sold. [6]

Noble recorded net losses of $1.7 billion in 2015.

On 29 May 2016, CEO Yusuf Alireza was terminated by Elman. In 2017, Alireza sued Noble for compensation. [7] [8]

In 2018, Noble Group Ltd was de-listed from the Singapore Stock Exchange. The share price had collapsed 99% since Iceberg exposed Noble. Declaring a default, it went through a restructuring process that eventually led to the creation of Noble Group Holdings Ltd, [9] while Noble Group Ltd, which incorporated in Bermuda is undergoing an winding up process through till end of 2019. [10] The Singapore Stock Exchange blocked the listing of the restructured group on the uncertainty of the Noble's financial position. [11] A criminal investigation on the alleged wrongdoings of Noble Group Ltd is under way in Singapore. [12]

In 2019, Noble made several hires to rebuild its liquefied natural gas business. [13]

Related Research Articles

Thomas Crosbie Holdings (TCH) was a family-owned media and publishing group based in Cork, Ireland. Its largest publication was once the Irish Examiner, the third largest daily broadsheet newspaper in the Republic of Ireland.

<span class="mw-page-title-main">Singapore Exchange</span> Investment holding company in Singapore

Singapore Exchange Limited is a Singapore-based exchange conglomerate, operating equity, fixed income, currency and commodity markets. It provides a range of listing, trading, clearing, settlement, depository and data services. SGX Group is also a member of the World Federation of Exchanges and the Asian and Oceanian Stock Exchanges Federation. it is ASEAN's second largest market capitalization after Indonesia Stock Exchange at US$585.97 billion as of September 2023.

<span class="mw-page-title-main">OCBC Bank</span> Singaporean multinational banking and financial services corporation

Oversea-Chinese Banking Corporation, Limited, abbreviated as OCBC, is a Singaporean multinational banking and financial services corporation headquartered at the OCBC Centre.

<span class="mw-page-title-main">Sime Darby</span> Malaysian trading conglomerate

Sime Darby Berhad is a Malaysian trading conglomerate. Its core businesses operate and serve in the industrial, motors and logistics sectors as well as the healthcare, and insurance segments.

<span class="mw-page-title-main">Bandai Namco Holdings</span> Japanese entertainment holding company

Bandai Namco Holdings Inc. is a Japanese entertainment holding company founded in 2005 by the merger of Namco and Bandai. The company specializes in toys, video games, arcades, anime, restaurants, and amusement parks.

<span class="mw-page-title-main">Singapore Press Holdings</span> Holding company in Singapore

Singapore Press Holdings Limited (SPH) was an organisation with businesses in property and aged care in Singapore. Since its takeover by Cuscaden Peak in 2022, it has been renamed Cuscaden Peak Investments.

<span class="mw-page-title-main">Olam International</span> Singaporean agriculture company

Olam International is an agri-business company, operating in 60 countries and supplying food and industrial raw materials to over 20,900 customers worldwide, placing them among the world's largest suppliers of cocoa beans, coffee, cotton and rice. Its value chain includes farming, origination, processing and distribution operations, child labor, and allegedly even child slavery.

<span class="mw-page-title-main">Great Eastern Life</span> Singaporean insurance company

Great Eastern Life Assurance Co. Ltd, often known as Great Eastern Life or simply Great Eastern, is a Singaporean multinational insurance company and subsidiary of OCBC Bank operating in the Southeast Asia region. Founded in 1908 by Alfred Hewton Fair, it is the largest and oldest life insurance company in Singapore and Malaysia.

<span class="mw-page-title-main">China Investment Corporation</span> Chinese sovereign wealth fund

China Investment Corporation is a sovereign wealth fund that manages part of China's foreign exchange reserves. China's largest sovereign fund, CIC was established in 2007 with about US$200 billion of assets under management, a number that grew to US$1,200 billion in 2021 and US$1,350 billion in 2023.

<span class="mw-page-title-main">Mercuria</span> Multinational commodity trading company

Mercuria Energy Group Ltd. is a Cypriot-domiciled Swiss multinational commodity trading company active in a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas, power, biodiesel, base metals and agricultural products. The company is one of the world's five largest independent energy traders and asset operators and is based in Geneva, Switzerland, with 37 additional offices worldwide. The group operates in 50 different countries.

Future Group is an Indian conglomerate, founded by Kishore Biyani and based in Mumbai. The company is known in Indian retail and fashion sectors, operating supermarket chains Big Bazaar and Food Bazaar, lifestyle stores Brand Factory and Central, integrated foods and FMCG manufacturing sectors. Future Retail Limited and Future Lifestyle Fashions Limited are two operating companies whose assets are among the top retail companies listed in BSE, with market capitalization among the highest on the National Stock Exchange of India.

UOB Kay Hian Holdings Limited is a Singapore-based brokerage firm that engages in brokerage services, private wealth management, investment management and financial research. UOB Kay Hian was founded in the early 1900s by Khoo Kay Hian as Kay Hian & Co (Pte).

<span class="mw-page-title-main">HNA Group</span> Chinese company

HNA Group Co., Ltd., was a Chinese conglomerate headquartered in Haikou, Hainan, China. Founded in 2000, it was involved in numerous industries including aviation, real estate, financial services, tourism, logistics, and more. It is the owner of Hainan Airlines and a part owner of Grand China Air.

<span class="mw-page-title-main">Rand Merchant Investment Holdings</span>

Rand Merchant InvestmentHoldings, also referred to as RMI Holdings, is a listed financial services investment holding company that holds various insurance brands in South Africa, Australia, China, Mauritius, New Zealand, Republic of Ireland, Singapore, the United Kingdom and the United States of America.

PT Berau Coal Energy Tbk is Indonesia's fifth largest coal producer.

Jia Yueting is a Chinese businessman who is the founder of Leshi Holding Group and the former CEO of Faraday Future. He previously founded LeEco and the Le.com subsidiary LeSports, and is the former chairman and CEO of Le.com as well as the former chairman of both Coolpad Group and Sinotel Technologies.

<span class="mw-page-title-main">Tsogo Sun</span> Entertainment company headquartered in South Africa

Tsogo Sun is a South African gaming, hotels and entertainment group. Tsogo Sun operates 15 casinos, 24 Galaxy Bingo sites, 1 Independent Site Operator Licence (ISO) as well as VSlots ("LPMs") Limited Pay-out Machines across nine provinces, including but not limited to Bet.co.za bookmaker licences, hotels, a Theme Park, theatres, movie cinemas, restaurants, bars and conference facilities.

Yusuf Abdulla Yusuf Akbar Alireza is the chief executive officer (CEO) and co-founder of ARP Global Capital, a fund based in Dubai. In addition to his time spent at Goldman Sachs where he was a partner and co-head of the Asia-Pacific region, he also served as CEO of Noble Group, the Hong Kong energy conglomerate, and a Fortune Global 500 company, before resigning in May 2016.

RMH, previously known as Rand Merchant Bank Holdings, is a South African diversified financial services holding company.

<span class="mw-page-title-main">CIC Holdings</span>

CIC Holdings PLC is a Sri Lankan conglomerate holding company engaged in merchandising and manufacturing chemical products. The company was incorporated in 1964 and listed on the Colombo Stock Exchange in the same year. Initially, the company was a part of Imperial Chemical Industries and prior to 2011, was known as Chemical Industries (Colombo) PLC. The company ranked 41st in LMD 100, an annual list of leading listed companies in Sri Lanka. The company also ranked 31st in Business Today's Top 40 for 2020–21 financial year.

References

  1. ↑ "2019 Results" (PDF). Thisisnoble.com. Archived (PDF) from the original on 30 May 2019. Retrieved 31 July 2015.
  2. ↑ "CIC Buys 15% Stake in Noble Group to Gain Commodities". Bloomberg.com. Archived from the original on 24 September 2015. Retrieved 31 July 2015.
  3. ↑ "Proposed Merge". Infopub.sgx.com. Archived from the original on 10 June 2015. Retrieved 31 July 2015.
  4. ↑ "China's COFCO to pay $1.5 billion for stake in Noble's agribusiness". Reuters.com. Archived from the original on 10 June 2015. Retrieved 31 July 2015.
  5. ↑ "Archived copy" (PDF). Archived (PDF) from the original on 15 November 2017. Retrieved 21 May 2018.{{cite web}}: CS1 maint: archived copy as title (link)
  6. ↑ "Noble rating cut to 'junk' as commodities continue to tumble". SCMP. Archived from the original on 25 June 2017. Retrieved 23 May 2017.
  7. ↑ "Ex-Noble Group's CEO Alireza Sues Founder Elman for $58 Million". Bloomberg.com. 14 June 2017. Archived from the original on 21 October 2017. Retrieved 21 October 2017.
  8. ↑ hermes (15 June 2017). "Noble's former CEO sues founder for $80m in shares". The Straits Times. Retrieved 1 September 2019.
  9. ↑ "Noble Group completes US$3.5 billion restructuring to emerge as smaller, unlisted firm". CNA. Archived from the original on 20 December 2018. Retrieved 28 August 2019.
  10. ↑ "Noble Group urges shareholders to receive shares in Noble Holdings". Singapore Business Review. 4 September 2018. Archived from the original on 12 August 2019. Retrieved 28 August 2019.
  11. ↑ "Singapore authorities block Noble's relisting plans". CNA. Archived from the original on 5 May 2019. Retrieved 28 August 2019.
  12. ↑ "Noble Group under investigation for suspected false statements, breaching disclosure requirements". CNA. Archived from the original on 21 November 2018. Retrieved 28 August 2019.
  13. ↑ "Exclusive: Humbled Noble Group seeks to rebuild LNG, energy businesses: sources". The Mighty 790 KFGO. Archived from the original on 28 August 2019. Retrieved 28 August 2019.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.