A Noble Group signal is pictured at a meet-the-investors occasion in Singapore August 17, 2015. REUTERS/Edgar Su/File Picture

Aug 24 (Reuters) – Commodity dealer Noble Group Ltd (NOBG.SI) pays a S$12.6 million ($9.03 million) penalty for releasing ‘deceptive’ data in its monetary statements between 2012 and 2016, the Financial Authority of Singapore stated on Wednesday.

The corporate, which was as soon as the largest commodity dealer in Asia, noticed its market worth all however worn out from $6 billion in 2015 after accusation of inflating its property, forcing it to promote billions of {dollars} of property, taking hefty writedowns and reduce a whole bunch of jobs.

Singapore’s Accounting and Company Regulatory Authority, additionally issued warnings to 2 former administrators of Noble Sources Worldwide Pte Ltd, which was Noble Group’s unit on the time, for failing to organize and desk monetary statements in compliance with the nation’s requirements.

Noble Sources Buying and selling Holdings Ltd, which was shaped in 2018 as part of Noble Group’s reorganisation and has since been beneath new possession and administration, in a separate assertion welcomed the conclusion of the investigation.

“We’re trying ahead to persevering with to work with our suppliers and serve our clients, constructing on the sturdy begin to 2022,” it added.

($1 = 1.3950 Singapore {dollars})

Reporting by Indranil Sarkar in Bengaluru; Enhancing by Rashmi Aich

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