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SINGAPORE – Authorities in the region are reviewing the work of EY accountants (Singapore) as part of an ongoing investigation into the Noble Group facing Singapore.
On Wednesday, November 28, the Department of Commercial Affairs (CAD) and the Monetary Authority of Singapore (MAS) said they had asked EY to produce documents related to the audit of Noble Resources International (NRI), a subsidiary at 100% Noble. Group.
In addition, the Accounting and Business Regulatory Authority (Acra) reported that it sent a notification letter to EY regarding the start of its inspection of NRI's audits for the years ended December 31, 2012 and December 31 2016.
This comes about a week after the three agencies said that Noble, who was once Asia's leading commodity trader, was under investigation for suspicion of false statements and misleading and breaches of disclosure obligations.
In addition to the potential infringements committed by the Noble Group, the agencies had previously announced that they were also investigating NRI's potential non-compliance with the accounting standards.
Trading in the company's shares was suspended as part of its restructuring and on Sunday, November 25, the company had extended its debt restructuring deadline by US $ 3.5 billion (US $ 4.8 billion) by two weeks. US dollars) to address regulators' concerns.
The allegations against Noble were first revealed after a report published more than three years ago by Iceberg Research, according to which the long-term contracts of the trading house were probably overvalued. This resulted in a $ 10 billion collapse of Noble's stock and its market valuation fell to $ 107.5 million.
Mr. Lee Boon Ngiap, deputy general manager of MAS (Capital Markets), explained that if EY had given the company a pristine health condition in the last three years and that there had been writing later .
He added that the authorities were examining the issue and "that there must be a reasonable basis for an investigation, as these actions can have far-reaching consequences for companies and their shareholders".
He added, however, that it was still "premature" to know whether any charges would be laid, as the authorities still gathered evidence.
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