Noble Group Takes Iceberg Research to Court

Commodity trader Noble Group Limited is taking Hong Kong-based Iceberg Research to court over allegations in their three reports, which have seen the company’s market value slashed by a third.

The research group accused Noble in mid-February of inflating asset values by billions of dollars through aggressive accounting, Reuters reports.

“We reject their allegations as inaccurate, unreliable and misleading,” the company said in a listing to Shanghai Stock Exchange.

” Iceberg are not the independent research house they claim to be. Their actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research,” the filing added.

The legal proceedings will be launched against Arnaud Vagner, a resident in Hong Kong, Enlighten Ace Ltd, a Seychelles company and any associates, at the Hong Kong High Court, Noble informed.