Noble Group’s share price tumbles on alleged accounting fraud

shelly062013

Traders are having a field day over a sensational report.        Noble Group’s share price took a hit this morning after an independent research house issued a scathing note claiming that the group is cooking its books.       

A report by Iceberg Research, an organization dedicated to "revealing financial manipulation and accounting frauds", stated that Noble “exploits the accounting treatment of its associates to avoid large impairments and fabricate profit”.         The group’s Australian associate Yancoal was particularly singled out. Iceberg Research notes that the subsidiary has a gap of $600m between its carrying and market values.        "Yancoal is a listed Australian coal miner. Noble holds a 13% interest in Yancoal and classifies the company as 'associate' on its balance sheet. The carrying balue of Yancoal was $678m in the 2013 annual report. It is now $614m after deducting Noble's share of losses and impairments in 2014. The 13% stake in ASX-listed Yancoal has a market value of only $11m. In other words, there is a gap of $603m between the carrying value and the market value," the report stated.        Nicholas Teo of CMC markets stated that while the report remains unverified, traders are nonetheless having a field day over the sensational numbers after Iceberg set a target price for Noble at $0.10.        Noble was the most heavily traded stock this morning, dropping by almost 10% at one stage. The stock opened at $1.175 per share and is trading at $1.095 as of 12:26pm.

shelly062013

谢谢鼠版，嘿嘿，因为中文网站没写很详细，只好发了英文

不过今天又说：  Noble Group (NOBL SP): Neither co. nor external banking or stakeholders familiar with Iceberg; says results are in accordance with intl. finl. reporting standards

蛮好奇的他们的 auditor是谁