Asia’s largest commodity trader Noble Group Ltd. took on its critics today 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 levels at key financial reporting periods. Ex- Morgan Stanley banker Michael Dee is another critic of the company and has called on its Chairman Richard Elman to resign.
Both Iceberg and Dee rejected Noble’s letter, saying they stand by their claims.
