Noble queries said to focus on mark-to-market gains

(Nov 27): Singaporean regulators investigating Noble Group have focused their questions so far on the company’s use of mark-to-market accounting, according to people familiar with the matter.

The struggling commodity trader was thrown into fresh crisis last week after Singapore announced a three-agency probe into Noble’s accounts just days before a marathon US$3.5 billion ($4.8 billion) debt restructuring was due to complete. On Sunday, Noble said it would delay the deadline for that deal to Dec 11 to "fully address all concerns of the regulators."

The company said it was cooperating with the authorities, including "appointing experts to assist in responding to the technical accounting issues raised by ACRA" -- Singapore’s Accounting and Corporate Regulatory Authority. Those issues are centred on Noble’s mark-to-market accounting, the people said, asking not to be identified as they weren’t authorized to speak publicly about the investigation.

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