Wonder how this will shake out.
Singapore usually stands for safe or if not safe – quite transparent in dealing with people or companies who have crossed the line.
Seems like harsher action needed to have been taken.
As Noble’s troubles mounted, the role of Singapore’s regulators has come under scrutiny. In addition to running the exchange, Singapore Exchange Ltd. has front-line oversight and responsibility for maintaining fair, orderly and transparent markets as well as following up with companies to investigate allegations of irregularities. It’s backed by the Monetary Authority of Singapore, the de facto central bank of a city state that’s also a global financial center with a hard-earned reputation for probity.
In the case of Noble Group, allegations have come thick and fast, led by Iceberg Research, which says profits were inflated. The group — whose claims are rejected by Noble — is led by Arnaud Vagner, a former credit analyst at Noble in Hong Kong, where the trader was based before it moved to London, who recently dropped his self-imposed cloak of anonymity.