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Noble Group Denies Claims And Questions Iceberg’s Credibility
Daily Bulletin | 17 June 2015

Yusuf Alireza, chief executive officer of the commodities trader Noble Group, has issued a letter in response to Michael Dee’s statements about the company.

Alireza claims that the group has responded to all questions raised, and stakeholders such as banks and core shareholders have been satisfied with the answers.

The group stated that it does not overvalue Yancoal on its balance sheet and that its valuation approach is reasonable and consistent with practice in the mining industry and accounting practices.

Alireza claims that the company does not have off-balance sheet repurchasing agreements (repos), but executes optional inventory sales on a limited basis, which are not considered as repos under current International Financial Reporting Standards. The letter also questioned the credibility of Vagner, founder of Iceberg, citing his previous employment records.

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