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Grouchycabi Master	01-Dec-2018 09:59        Grouchycabi About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Let us wait and see what is uncovered by the investigating authorities. Goldfinger      ( Date: 01-Dec-2018 07:47) Posted: Is there a case for a minority class action suit?? We could sue for billions?!? Starship      ( Date: 30-Nov-2018 18:26) Posted: Noble' s auditors come under fire 30/11/18, 04:56 pm SINGAPORE (Nov 30): Singapore authorities have summoned EY (Singapore), the auditor of Noble Group&rsquo s subsidiary, Noble Resources International, to assist in a joint investigation that was announced on Nov 20. NRI is under investigation for potential non-compliance with accounting standards under Section 201 of the Companies Act. The Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) said they had directed EY (Singapore) to produce documents related to the audit of NRI. ACRA is also inspecting the work EY (Singapore) performed in the audit of NRI for the financial years 2012 to 2016. Indeed, the role of auditors is coming under increasing scrutiny in the wake of a wave of corporate scandals. In response to queries by  The Edge Singapore, SGX RegCo, the exchange regulator, said it was &ldquo putting the onus on Noble&rsquo s auditors to justify its audit, and their accounting practices were reviewed by a Singapore-registered auditor. &ldquo If there is any failing by any auditor, we will refer the auditor to the appropriate accounting regulatory bodies.&rdquo https://www.theedgesingapore.com/nobles-auditors-come-under-fire
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Goldfinger Supreme	01-Dec-2018 07:47        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Is there a case for a minority class action suit?? We could sue for billions?!? Starship      ( Date: 30-Nov-2018 18:26) Posted: Noble' s auditors come under fire 30/11/18, 04:56 pm SINGAPORE (Nov 30): Singapore authorities have summoned EY (Singapore), the auditor of Noble Group&rsquo s subsidiary, Noble Resources International, to assist in a joint investigation that was announced on Nov 20. NRI is under investigation for potential non-compliance with accounting standards under Section 201 of the Companies Act. The Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) said they had directed EY (Singapore) to produce documents related to the audit of NRI. ACRA is also inspecting the work EY (Singapore) performed in the audit of NRI for the financial years 2012 to 2016. Indeed, the role of auditors is coming under increasing scrutiny in the wake of a wave of corporate scandals. In response to queries by  The Edge Singapore, SGX RegCo, the exchange regulator, said it was &ldquo putting the onus on Noble&rsquo s auditors to justify its audit, and their accounting practices were reviewed by a Singapore-registered auditor. &ldquo If there is any failing by any auditor, we will refer the auditor to the appropriate accounting regulatory bodies.&rdquo https://www.theedgesingapore.com/nobles-auditors-come-under-fire
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fatpanda Supreme	30-Nov-2018 22:43        fatpanda About Contact  Quote this Post! Style: Technical   Mood: Yells: "Another wonderful day!"
x 0   x 0  Alert Admin	He could talk what he liked to tell. But just looked at the facts that hoe many penny and S-cheat cases were settled satisfactory in 5he past, and how much money that the investors have been lost or cheated, and how much have been recovered and returned to the investors. Facts tell all, not just taiking laksaman57      ( Date: 30-Nov-2018 19:39) Posted: https://www.theedgesingapore.com/different-notion-shareholder-activism
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laksaman57 Supreme	30-Nov-2018 19:39        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://www.theedgesingapore.com/different-notion-shareholder-activism
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fatpanda Supreme	30-Nov-2018 19:06        fatpanda About Contact  Quote this Post! Style: Technical   Mood: Yells: "Another wonderful day!"
x 0   x 0  Alert Admin	Only auditor got fire, why not SGX and MAS? Starship      ( Date: 30-Nov-2018 18:26) Posted: Noble' s auditors come under fire 30/11/18, 04:56 pm SINGAPORE (Nov 30): Singapore authorities have summoned EY (Singapore), the auditor of Noble Group&rsquo s subsidiary, Noble Resources International, to assist in a joint investigation that was announced on Nov 20. NRI is under investigation for potential non-compliance with accounting standards under Section 201 of the Companies Act. The Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) said they had directed EY (Singapore) to produce documents related to the audit of NRI. ACRA is also inspecting the work EY (Singapore) performed in the audit of NRI for the financial years 2012 to 2016. Indeed, the role of auditors is coming under increasing scrutiny in the wake of a wave of corporate scandals. In response to queries by  The Edge Singapore, SGX RegCo, the exchange regulator, said it was &ldquo putting the onus on Noble&rsquo s auditors to justify its audit, and their accounting practices were reviewed by a Singapore-registered auditor. &ldquo If there is any failing by any auditor, we will refer the auditor to the appropriate accounting regulatory bodies.&rdquo https://www.theedgesingapore.com/nobles-auditors-come-under-fire
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Starship Supreme	30-Nov-2018 18:26        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Noble' s auditors come under fire 30/11/18, 04:56 pm SINGAPORE (Nov 30): Singapore authorities have summoned EY (Singapore), the auditor of Noble Group&rsquo s subsidiary, Noble Resources International, to assist in a joint investigation that was announced on Nov 20. NRI is under investigation for potential non-compliance with accounting standards under Section 201 of the Companies Act. The Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) said they had directed EY (Singapore) to produce documents related to the audit of NRI. ACRA is also inspecting the work EY (Singapore) performed in the audit of NRI for the financial years 2012 to 2016. Indeed, the role of auditors is coming under increasing scrutiny in the wake of a wave of corporate scandals. In response to queries by  The Edge Singapore, SGX RegCo, the exchange regulator, said it was &ldquo putting the onus on Noble&rsquo s auditors to justify its audit, and their accounting practices were reviewed by a Singapore-registered auditor. &ldquo If there is any failing by any auditor, we will refer the auditor to the appropriate accounting regulatory bodies.&rdquo https://www.theedgesingapore.com/nobles-auditors-come-under-fire
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NextEvolution Elite	29-Nov-2018 07:55        NextEvolution About Contact  Quote this Post!
x 0   x 0  Alert Admin	Quote 'Singapore Authorities are known for their speed and efficiency' Unquote How long the ABL investigation already? Over 5 years and counting. I think the investigation results will only be known to the grandchildren (not even their children) of those affected. $8b wiped out and that's one of the nail on the coffin for our shrinking exchange runaway      ( Date: 29-Nov-2018 07:42) Posted: Yes, the Authorities acted late, but it is better late than never. It may be a blessing at the end of the day if no wrongdoings are found. But suspension may hurt Noble further. Singapore Authorities are known for their speed and efficiency. The Authorities should set a deadline for lifting the suspension. An open date is not fair to the company and its shareholders. Now that it is a public information, The Authorities can consider to lift the suspension and let the market trade with caution. It is sad that those who need to cash out for Christmas and CNY are trapped.
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runaway Senior	29-Nov-2018 07:49        runaway About Contact  Quote this Post!
x 0   x 0  Alert Admin	Being investigated is Not a crime. It is an alleged wrongdoing. The company is innocent until proven guilty in Court. If not guilty for now, why is there a need to suspend the trading? I declare that I am Not vested.
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runaway Senior	29-Nov-2018 07:42        runaway About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes, the Authorities acted late, but it is better late than never. It may be a blessing at the end of the day if no wrongdoings are found. But suspension may hurt Noble further. Singapore Authorities are known for their speed and efficiency. The Authorities should set a deadline for lifting the suspension. An open date is not fair to the company and its shareholders. Now that it is a public information, The Authorities can consider to lift the suspension and let the market trade with caution. It is sad that those who need to cash out for Christmas and CNY are trapped.
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Goldfinger Supreme	29-Nov-2018 04:20        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	If negligence or misconduct is proven by MAS, Acra - can the new company Board lead a class action against the Auditors? They have very deep pockets. xtraderx      ( Date: 28-Nov-2018 22:47) Posted: What do you expect SGX to do when even the company' s auditor did not flag any issue? The crux of the issue isn' t really accounting fraud, its very difficult to prove that the numbers are fake when a lot of it hinges on the value of billions of dollars worth of derivatives, though an experienced investor should have been able to figure out something' s amiss when the cash burn is so high and seemingly endless. The management was also caught lying about its business on several ocassions, like how low commodity prices were affecting proftiability (they continued to lose money even when coal prices turned sharply higher). There were plenty of opportunities for investors to get out before this went to zero, and thats the bottom line. sun233      ( Date: 28-Nov-2018 12:17) Posted: SGX should have flagged issues, instead they allowed al cash calls after cash calls. Great isnt it. They waited till the funds did all the negotiating then come in after with CAD investigation. Honestly i have not followed since i bailed but there should have been checks. When IB highlighted issues that should have been a signal for SGX to call for a thorough investigation. Was it done? They are the regulators. They should have seen this a mile away. Smart ones bailed. But some were stuck and blindsided. All SGX did was to query, query query. I remember one Malaysian here who lost millions. I hope he got out. SGX cannot be a ......for profit company and a regulator. Prof Mak Yuen highlighted this many many times.... yet everything fell on deaf ears.
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xtraderx Veteran	28-Nov-2018 22:47        xtraderx About Contact  Quote this Post!
x 0   x 0  Alert Admin	What do you expect SGX to do when even the company' s auditor did not flag any issue? The crux of the issue isn' t really accounting fraud, its very difficult to prove that the numbers are fake when a lot of it hinges on the value of billions of dollars worth of derivatives, though an experienced investor should have been able to figure out something' s amiss when the cash burn is so high and seemingly endless. The management was also caught lying about its business on several ocassions, like how low commodity prices were affecting proftiability (they continued to lose money even when coal prices turned sharply higher). There were plenty of opportunities for investors to get out before this went to zero, and thats the bottom line. sun233      ( Date: 28-Nov-2018 12:17) Posted: SGX should have flagged issues, instead they allowed al cash calls after cash calls. Great isnt it. They waited till the funds did all the negotiating then come in after with CAD investigation. Honestly i have not followed since i bailed but there should have been checks. When IB highlighted issues that should have been a signal for SGX to call for a thorough investigation. Was it done? They are the regulators. They should have seen this a mile away. Smart ones bailed. But some were stuck and blindsided. All SGX did was to query, query query. I remember one Malaysian here who lost millions. I hope he got out. SGX cannot be a ......for profit company and a regulator. Prof Mak Yuen highlighted this many many times.... yet everything fell on deaf ears.  xtraderx      ( Date: 28-Nov-2018 11:55) Posted: They had a choice, they could sell and many actually did, the ones who held on for too long sank with the titanic.  I don' t understand how anyone can be blaming SGX or IB for the mess the management created, if anything they should be suing Elman and gang for their losses
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investshare Supreme	28-Nov-2018 17:46        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	You have to decide whether you want to be an investor or a judge. If you are a investor, get out of suspicious company. If you are a judge, wait for auditor, wait for sgx, wait for cad, wait for Mas, to give you the full evidence. BillionX      ( Date: 28-Nov-2018 13:23) Posted: This is a public listed company in a much touted ?financial center ? so SGX is equally guilty of neglect for failure of adequate financial scrutiny.This is despite Iceberg calls for Noble to be investigated.
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NextEvolution Elite	28-Nov-2018 15:29        NextEvolution About Contact  Quote this Post!
x 0   x 0  Alert Admin	That's what I posted here at 8.23am. Our regulators now pushing it to EY at Hong Kong, so can wash hand clean clean? While the whole episode happened right under their nose. runaway      ( Date: 28-Nov-2018 15:18) Posted: This is a joke! https://www.theedgesingapore.com/ey-audits-centre-nobles-criminal-probe-ft From memory, Arthur Anderson went under the bus because of Enron scandal.
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runaway Senior	28-Nov-2018 15:18        runaway About Contact  Quote this Post!
x 0   x 0  Alert Admin	This is a joke! https://www.theedgesingapore.com/ey-audits-centre-nobles-criminal-probe-ft From memory, Arthur Anderson went under the bus because of Enron scandal.
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Starship Supreme	28-Nov-2018 13:49        Starship About Contact  Quote this Post!
x 1   x 0  Alert Admin	New Noble looks like the 21st Century version of the fairytale " The Emperor' s New Clothes" . And the pumpers/optimists sound like the 21st Century version of the Emperor' s court jesters. Lol.
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teeth53 Supreme	28-Nov-2018 13:37        teeth53 About Contact  Quote this Post! Style: Flexible   Mood: Yells: "don't learn through life, learn to grow with life "
x 0   x 0  Alert Admin	In good faith. Even new owner (70%) is very likely to get stuck in quick sand for many years to come. teeth53      ( Date: 28-Nov-2018 13:16) Posted: Think it is still the Noble top mgt n board of Director responsibilty by way of helping themself, using SGX , so call restructure expert came in, is helping their owner to sell their share to unsuspecting new players. sun233      ( Date: 28-Nov-2018 08:45) Posted: No it was not management. It was SGX helping the crooks.
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teeth53 Supreme	28-Nov-2018 13:34        teeth53 About Contact  Quote this Post! Style: Flexible   Mood: Yells: "don't learn through life, learn to grow with life "
x 0   x 0  Alert Admin	Noble is in a stage of comatose even after 31 Dec 2018, till investigation is over. teeth53      ( Date: 26-Nov-2018 18:28) Posted: Noble is in a stage of comatose. New Noble will not be born till Noble is awake.... Sellsell777      ( Date: 25-Nov-2018 19:01) Posted: Noble No More
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BillionX Senior	28-Nov-2018 13:23        BillionX About Contact  Quote this Post!
x 0   x 0  Alert Admin	This is a public listed company in a much touted ?financial center ? so SGX is equally guilty of neglect for failure of adequate financial scrutiny.This is despite Iceberg calls for Noble to be investigated.
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teeth53 Supreme	28-Nov-2018 13:16        teeth53 About Contact  Quote this Post! Style: Flexible   Mood: Yells: "don't learn through life, learn to grow with life "
x 0   x 0  Alert Admin	Think it is still the Noble top mgt n board of Director responsibilty by way of helping themself, using SGX , so call restructure expert came in, is helping their owner to sell their share to unsuspecting new players. sun233      ( Date: 28-Nov-2018 08:45) Posted: No it was not management. It was SGX helping the crooks.   trader25yr      ( Date: 26-Nov-2018 21:33) Posted: OMG ... IB never  bring down Noble lah ... management bought Noble down ... of cause ... they are the ones who see the all money going out ... and disappear
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NextEvolution Elite	28-Nov-2018 12:34        NextEvolution About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ever came across such article about roving auditor but cannot recall which country. However in France, they have joint-auditors and they are instilling much more confidence in the listed co. for the investors investshare      ( Date: 28-Nov-2018 11:56) Posted: can you share one example? NextEvolution      ( Date: 28-Nov-2018 09:57) Posted: Overseas stock regulators have such roving in-house auditors. They have a number of teams checking on those more suspicious companies and nip those before creating havoc. Yes, not 100% foolproof but if can get over 60% hit rates, then less cheats and fraudulent companies will set foot on SG
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