Founder of Failed Commodity Trader Noble Sues Over Restructuring
- Elman argues that deal was unfair to minority shareholders
- Legal action in Hong Kong seeks disclosure of documents
Richard Elman
Photographer: Jerome Favre/Bloomberg
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The founder of Noble Group, the commodity trader that collapsed into insolvency in 2018, is suing the company over a debt restructuring that he says was unfair to minority shareholders including himself.
The lawsuit filed in Hong Kong by Richard Elman – whose stake in the company was worth more than a billion dollars at its peak – is the latest installment in the saga of Noble, which rode the China-led supercycle to become one of Asia’s largest commodity traders before collapsing just as spectacularly in a scandal over its misleading accounts.