Noble Group *Official* (SGX: CGP)

Mochichu8285

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Thanks for the info.,so CDP is not doing all the 4 steps as mentioned in SGX letter to me?
How to use mouse to sign? Dont think i can reproduce my usual sig that way.

print out and sign
then scan the letter
do not use company scanner to scan as this can be tracked by your IT
use your mobile photo to take photo and send by email
 

Mochichu8285

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Thanks for sharing.
May I know what is the document to upload?
"UPLOAD: Proof of shareholder amount in Old Noble"

upload your cdp statement with noble in it?
best to be signed by cdp
i am not sure how to do it
maybe can call cdp to ask and check?

or email lucid directly to ask
 

havetheveryfun

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upload your cdp statement with noble in it?
best to be signed by cdp
i am not sure how to do it
maybe can call cdp to ask and check?

or email lucid directly to ask

signature i just anyhow sign in pdf they also accept.

bank account details is in case you *manage* to find someone to sell your shares to, then they can credit you the money.

portal is like **** and always log you out every time you click to a new page. as someone else has said, it is just a way of telling you cdp got nothing to do with this anymore. forget about these noble shares and move on.
 

pjs

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CDP is washing its hands by sending you this letter which basically advise you to liaise directly with Noble regarding their restructuring. Unless you have a PC Pen input device or a touchscreen monitor, you would have to do your best to sign using the mouse.

No letter from CDP. Its letter from SGX dated 2Dec.
Quote relevant part " Noble has also stated.......you broker,custodian or depository will be the party to follow the four(4) steps procedure....."
Unless CDP is not taking that responsibility, even though they are the entity named on B.A.C.S register.
 

hacktic

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walao....why the submission to lucid so complicated one.... i thought send them the cdp letter ok already. came back login and see another whole load of documents....!
 

superman

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walao....why the submission to lucid so complicated one.... i thought send them the cdp letter ok already. came back login and see another whole load of documents....!

Exactly! Lucid is hoping that the shareholders cannot complete the process and they makan your shares, they could easily get all the info from CDP.
 

iphone88

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Anyone check their holding in fluyd?
My holding iin CDP is 7000 but fluyd stated as 700.
Is this correct?
 

tortoise18

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How do you view your current holdings on fluyd?
What's kyc document not verified mean?
And need confirmation letter?
 

newmember1

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hi guys

need your advice pls

My friend bought some noble shares using CFD platform, they have liquidated his positions at $0 and he is not eligible to receive shares from the new noble restructuring.

is there anything that i can do to help my friend? Can my friend submit a complain to CDP? thanks
 

havetheveryfun

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hi guys

need your advice pls

My friend bought some noble shares using CFD platform, they have liquidated his positions at $0 and he is not eligible to receive shares from the new noble restructuring.

is there anything that i can do to help my friend? Can my friend submit a complain to CDP? thanks

why not eligible ?

anyway the new shares being held in the new platform is useless anyway. you need to find someone who is willing to buy them, and then have to pay a hefty transaction fee... who will want to buy ? :s22:
 

Shion

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Former Noble Group CEO wins appeal in Singapore court over shares

Former Noble Group CEO wins appeal in Singapore court over shares

https://www.straitstimes.com/busine...eo-wins-appeal-in-singapore-court-over-shares

SINGAPORE (BLOOMBERG) - Singapore's top court ruled in favour of a claim by Noble Group's former chief executive officer Ricardo Leiman to millions of unpaid shares, overturning an earlier ruling while upholding that he wasn't entitled to his bonus.

The Court of Appeal allowed the appeal in "large part," and ordered an assessment of damages after ruling that Noble deprived Leiman of entitlements including the right to exercise share options, according to a copy of the judgment seen by Bloomberg. The court said Leiman wasn't in breach of contractual non-competition and confidentiality obligations, also overruling an earlier decision.

Leiman would only have been entitled to be deprived of shares and options "if he had engaged in conduct that caused actual commercial detriment or harm to Noble, but there did not appear to be any evidence of such detriment or harm having been caused by his conduct," judges said in the ruling.

Leiman was appealing a 2018 High Court ruling that dismissed his claim to millions of dollars in unpaid shares and bonus and ordered him to pay two-thirds of Noble's costs.

Noble was catapulted into crisis in 2015 amid questions about its accounting and sinking commodity prices before eventually completing a debt-for-equity restructuring that handed control to hedge-fund creditors. Singapore regulators wouldn't allow the new entity to sell shares to the public in the city-state and Noble remains the subject of an investigation by Singapore authorities.

Leiman resigned from his role as CEO in 2011 after expressing concern that Noble was adopting questionable accounting and corporate governance practices, according to the court. The company's then-chairman Richard Elman had concerns regarding Leiman's integrity and suitability to continue as CEO, the ruling said.

The Court of Appeal upheld the earlier decision that he wasn't entitled to that year's bonus, which was to have been paid in 2012. The judgment said Leiman is entitled to damages. Written submissions from all parties on appropriate costs are required within three weeks, unless an agreement is reached earlier.

Leiman started Engelhart Commodities Trading Partners in 2013 together with a group of fellow ex-Noble workers. He left the group in 2018 to start a hedge fund KLI Asset Management.

Noble's lawyer, Kenneth Pereira at Aldgate Chambers, didn't immediately return a call seeking comment on the decision. The company's London-based external spokespeople didn't immediate respond to an e-mail sent outside office hours. A call to KLI Asset Management, which lists Leiman as founding partner and chief investment officer, wasn't answered outside office hours and he didn't immediately respond to an e-mail seeking comment.

Leiman originally brought the case against Noble Group and unit Noble Resources Ltd. Noble Group wasn't present at the hearing of the appeal, according to the judgment.
 

visano

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can i check what can i do with the new allocated shares on Fluyd portal.
also how do i received the cash dvd distributed?
 

Shion

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Commodity trader Noble pays former CEO $26.8 million after legal battle

Commodity trader Noble pays former CEO $26.8 million after legal battle

https://www.straitstimes.com/busine...noble-pays-former-ceo-268m-after-legal-battle

SINGAPORE (BLOOMBERG) - Noble Group Holdings, the commodity trader shrunken by years of losses and a multibillion-dollar restructuring, has paid US$20 million (S$26.8 million) to former CEO Ricardo Leiman.

The payment to Mr Leiman, who left the company in 2011 - several years before its 2018 restructuring - was disclosed in a presentation accompanying Noble's third-quarter results last Friday (Nov 6).

It followed a long legal battle concluded in May, when Singapore's Court of Appeal ruled that Noble had deprived Mr Leiman of entitlements, including the right to exercise share options when he left.

When the case was first filed in 2012, Mr Leiman's restricted shares and share options were worth about US$59 million, Bloomberg reported at the time.

By the time that Noble's Singapore-listed stock was suspended in 2018, its value had fallen by 99 per cent.

The settlement is a similar size to a roughly US$20 million package former co-chief executive Jeff Frase received on leaving in 2017, even as Noble slumped to a loss of almost US$5 billion.

Mr Leiman declined to comment on the terms of the settlement, saying only that he had no outstanding legal cases against Noble.

A spokesman for the company declined to comment.

While Noble's market value once exceeded US$10 billion, it has become a shadow of its former self following a restructuring in 2018 that handed control to its creditors.

The US$20 million payment to Mr Leiman is equal to about 70 per cent of the company's entire staff bill for the first half of this year, when "human capital costs" totalled US$28 million.

Noble's presentation showed the US$20 million payment as a cash outflow during the first half of this year related to the settlement of a legal case involving a former CEO. The size of the payment had not previously been disclosed.
 

Shion

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Singapore's probe into Noble Group to conclude in 3Q, says MAS​


https://www.theedgesingapore.com/ne...apores-probe-noble-group-conclude-3q-says-mas
Singapore authorities’ multi-year probe into suspected disclosure offences of Noble Group is at an “advanced stage”, and is expected to “reach a conclusion” in 3Q this year, says the Monetary Authority of Singapore.

Up till 2015, Noble was a high-flying Hong Kong-based, Singapore-listed commodities player. It came under short-selling attacks as questions were raised over the valuation of its assets.

By the time Noble caved and defaulted, its share price had collapsed by 99%. In 2018, it was delisted from the SGX, leaving a mark on founder and chairman Richard Elman, who used to be a scrapyard worker. Elman is 82 years old this year.

Noble tried to restructure its remaining assets into another entity and list the new entity elsewhere but the move was blocked by SGX and MAS.

“This followed a review which found that there were significant uncertainties about the financial position of the restructured entity,” says MAS in its enforcement report for the period July 2020 to Dec 2021, released on April 27.

Noble’s progress update was among the four major ongoing cases provided by MAS in this latest enforcement report.

Hyflux, Eagle and nickel

The other three progress updates are on former market darling water treatment company Hyflux; Eagle Hospitality Trust, a stapled trust that defaulted within months of its listing, as well as Hui Xun Asset Management, which was involved in the alleged nickel-trading scam perpetrated by one Ng Yu Zhi.

For Hyflux, its current and former directors – including high-profile founder Olivia Lum – are facing “ongoing” investigations for possible offences under the Securities and Futures Act as well as non-compliance with accounting standards.

The probe was launched on June 2 2020, with a focus on Hyflux’s disclosure, accounting and auditing issues concerning the Tuaspring Integrated Water and Power Project, which saddled Hyflux with loans it couldn’t pay, hurting retail investors of its perpetual securities. “We are currently working closely with the Attorney General’s Chambers to review the evidence,” says MAS.

Eagle Hospitality Trust listing on the SGX back in 2019 rode on a wave of investors’ appetite for REITs and business trusts. EHT’s assets include a portfolio of hotels in US as well as rights to use a defunct ocean liner, Queen Mary, which was sold into EHT at a valuation of US$159 million.
Various entities under EHT began to default on their loan obligations.

EHT’s current and former Singapore-based directors were arrested on Oct 1 2020 and released on bail. EHT is suspected to have breached disclosure requirements and listing rules.

Two US-based individuals, Howard Wu and Taylor Woods, are behind EHT’s sponsor, an entity known as Urban Commons. They were also EHT directors. “We have also sought assistance from relevant foreign authorities,” says MAS, without elaborating.

The investigation on EHT commenced on June 5 2020, following a referral by SGX RegCo, the frontline regulator for listed entities here. “In view of the number of suspects and the complex issues involved, investigations are still ongoing,” says MAS.

The fourth progress update is related to Ng Yu Zhi, a director of Envy Asset Management and Envy Global Trading. Ng faces a growing list of cheating charges for allegedly running a nickel trading scam.

Among others, Ng allegedly cheated Envysion Wealth Management (renamed Hui Xun Asset Management) and its CEO Shim Wai Han as well as Finian Tan, CEO of Vickers Partners, a venture capital firm with two of its funds under management invested in the scheme.

MAS is looking into Hui Xun and Vickers Partners to ascertain if there had been governance or risk management failures in their conduct of business. “Investigations are ongoing,” says MAS.

Priorities, penalties

“MAS has continued to take robust enforcement actions against errant firms and individuals so as to safeguard the integrity of our financial sector,” says Peggy Pao, MAS’ executive director (enforcement).

“We have also proposed legislative changes to enhance our effectiveness in addressing financial misconduct. We will continue to improve our processes to uphold Singapore's reputation as a trusted financial centre that takes a tough approach to financial crime and misconduct,” she adds.

Elsewhere in the report, MAS says that for the period from July 2020 to Dec 2021, it has imposed $2.4 million in composition penalties for AML/CFT control breaches and $150,000 in civil penalties. 20 prohibition orders were issued against “unfit representatives”.

In the same period under review, MAS, together with the Attorney-General’s Chambers, have successfully secured the criminal convictions of seven individuals for market misconduct or related offences.

For the 2022 to 2023 period, MAS has identified a few priorities. First, MAS wants to enhance the effectiveness in pursuing breaches of corporate disclosure requirements, including through close collaboration with key regulatory and enforcement partners.

Next, MAS wants to step up its focus on corporate finance advisory firms and fund management companies that fail to comply with business conduct requirements.

Thirdly, MAS is studying options for enhancing investors’ recourse for losses due to securities market misconduct and last but not least, to strengthen the focus on holding senior managers accountable for breaches by their FIs or subordinates.
 

Shion

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Singapore wraps up Noble probe with $12.6 million civil penalty​


https://www.theedgesingapore.com/ne...e-wraps-noble-probe-126-million-civil-penalty
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $12.6 million on former high-flying commodities Hong Kong-based, Singapore-listed Noble Group for publishing misleading financial statements, that breaches the Securities and Futures Act (SFA).

The SFA allows for MAS to enter into an agreement with any person for that person to pay, with or without admission of liability, a civil penalty for contravening any provision of the act.

In addition, Accounting and Corporate Regulatory Authority, in consultation with the Attorney-General’s Chambers (AGC), has issued “stern warnings” to two former directors of Noble Resources International, Noble’s Singapore subsidiary, for failing to prepare and table annual financial statements in compliance with the Companies Act.

In addition, the Public Accountants Oversight Committee (PAOC), has also issued orders against the auditors of NRI from Ernst and Young in relation to the financial statements for the financial years ended December 31 2012 to December 31 2016.

Back in April, MAS had in its enforcement report updated that the probe was already at an “advanced stage” and likely to “reach a conclusion” in the third quarter of the year.

Up till 2015, Noble was a high-flying Hong Kong-based, Singapore-listed commodities player. It rode the commodities boom of the mid-2000s to become a company with a multi-billion market cap.

When the downturn came, questions mounted over the valuation of its assets and it came under heavy short-selling attacks.

By the time Noble caved and defaulted, its share price had collapsed by 99%. In 2018, it was delisted from the SGX, leaving a mark on founder and chairman, 82-year-old Richard Elman (picture), famous for starting as a scrapyard worker.

Noble tried to restructure its remaining assets into another entity and list the new entity elsewhere but the move was blocked by SGX and MAS.

Inflated earnings and asset value

In a joint statement on Aug 24, the investigations involving multiple regulatory agencies since Nov 2018, found that Noble entered into long term marketing agreements with mine owners and coal producers to either assist them to build a brand name for their mines, or act as a salesperson for the commodities produced from the mines.

Under these marketing agreements, Noble would not take delivery of the commodities produced but would earn fees based on a pre-determined percentage of the counterparty’s sales value.

Based on the investigations, Noble had applied an incorrect accounting treatment to these marketing agreements by classifying them as financial instruments instead of service contracts, and by recognising future fees from these agreements before rendering the services.

As a result, this inflated the reported earnings and net assets of both Noble and NRI, the subsidiary.

“NGL’s publication of materially misleading financial statements from 2016 to 2018 were likely to have induced the sale or purchase by investors of NGL’s securities listed on the Singapore Exchange (SGX), the statement reads.

"Quality financial information is crucial for a trusted and vibrant business environment in Singapore," says ACRA's assistant chief executive Kuldip Gill.

"ACRA expects financial statements to reflect a true and fair view of the financial position and performance of the company as market participants rely on the financial statements to obtain an accurate picture of the value the business generates, and the risks involved.

"ACRA will continue to enforce accounting standards and take those involved in the financial reporting chain to task for unreliable information and/or non-compliance with the prescribed accounting and auditing standards," she adds.

Loo Siew Yee, assistant managing director (policy, payments & financial crime), MAS, says that materially false or misleading statements by listed entities have no place in Singapore’s capital markets.

"If left unchecked, they will erode investors’ trust in the quality of information released by issuers, and have an adverse impact on the integrity of our capital markets.

"The present action demonstrates that MAS takes breaches of disclosure obligations seriously and will take firm action against persons found to have fallen short," she adds.

“Based on presently available facts, the actions announced today marks the closure of the investigations against NGL and NRI in relation to the matters set out in the joint statement by the SPF, MAS and ACRA published on 20 November 2018.”
 
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