Noble Group shareholder files lawsuit to stall meeting

Noble Group shareholder files lawsuit to stall meeting

SINGAPORE: Goldilocks Investment, a leading stakeholder of Noble Group, said on Wednesday (Apr 25) it had filed a lawsuit in Singapore against the embattled commodities trader, seeking to prevent a scheduled shareholder meeting on April 30.

Goldilocks, which holds an 8.1 per cent stake, also seeks to propose directors to Noble's board, according to the lawsuit.

Noble did not immediately respond to a Reuters request for comment.

The commodities trader said earlier this week it rejected Goldilocks' request to elect directors as the fund failed "to submit legally effective nominations".

Last week, Noble bowed to criticism from the Singapore Exchange and other investors and removed a provision in its US$3.4 billion debt restructuring proposal that penalized shareholders voting against the plan.

Goldilocks, backed by Abu Dhabi Financial Group, has filed a separate lawsuit seeking measures including preventing Noble, its board and supporting creditors from appointing an administrator in the UK and moving ahead with the restructuring agreement, it said in a statement.

Goldilocks filed a lawsuit in March alleging that Noble inflated its assets.

Source: Reuters/aj