Noble Group Denies Repos Use, Slams Iceberg as Not Credible

Asia’s largest commodity trader Noble Group Ltd. took on its critics with an open letter defending its accounting methods and valuations of a coal asset.

Noble has seen its shares drop more than 40 percent since a group that calls itself Iceberg Research published a report in February claiming Noble uses inventory repurchase agreements to cut its debt at key financial reporting periods. Ex-Morgan Stanley banker Michael Dee is another critic of the company and has called on Chairman Richard Elman to resign.