What does Iceberg's Vagner have to say about Noble's restructuring?

SINGAPORE (Aug 17): Arnaud Vagner was fired from his position as senior credit analyst at commodity trader Noble Group in June 2013 and it was only after he left that he began to take a closer look at Noble’s financials, uncovering misrepresentations in the company’s accounts in the process.

The Edge Singapore spoke to Vagner, who said that it took him “months” to understand what was going on. He said he also checked his assumptions and calculations multiple times, and against available industry information. His investigations led him to start a website under the name Iceberg Research, where he began a crusade to expose Noble’s financial irregularities.

Since Iceberg went public in Feb 15, 2015, Noble has lost about 99% of its market value. And now, it is undertaking a restructuring in hopes to recover some value for its shareholders. But Iceberg is suggesting that those same securities holders band together to sue the parties responsible for the loss of value instead.

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