Singapore-listed energy and commodities trading firm Noble Group has received the approval of its shareholders on the company’s accounts in its 2015 annual general meeting.
The annual general meeting was held on 17 April, where a voting poll was conducted on the resolutions presented to the shareholders of the Hong Kong-headquartered trading company.
In one of the resolutions, the company’s shareholders voted 99.92% in favour of Noble’s audited accounts, showing faith in the proper accountings adopted by Noble in its audited financial statements and the reports of the directors and auditors for the financial year ended 31 December 2014.
The support given by its shareholders helped to ease uncertainty and concerns about the company’s balance sheet, which came under attacks from three research reports. In February 2015, the commodities trader was cited by Iceberg Research reports of having overvalued its commodities contracts and associate companies in its balance sheet.
Noble then responded with filing a lawsuit in Hong Kong, seeking an injunction and naming a former employee suspected to be behind Iceberg Research, the organisation that has criticised the company’s accounting methods.
Investment information company GMT Research and research firm Muddy Waters had also raised concerns about Noble Group’s accounts.
This post was sourced from IHS Maritime 360: View the original article here.
