Singapore Concludes Noble Group Saga With Record Fine, Warnings
- Commodity trader fined $9 million for misleading information
- Fine is largest ever in city-state’s history: MAS spokesperson
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Noble Group Ltd., the commodity trader whose losses, spectacular collapse, court dramas and multibillion dollar restructuring dominated headlines in Singapore over several years, was issued with a record fine by local authorities as investigations ended after a 45-month probe.
The Monetary Authority of Singapore imposed a civil penalty of S$12.6 million ($9 million) for publishing misleading information, the MAS, Accounting and Corporate Regulatory Authority, and Commercial Affairs Department said in a joint statement on Wednesday. A MAS spokesperson said separately in response to queries that it was the largest such fine in the city-state’s history.