The founder of Noble Group, the commodity trader that collapsed into insolvency in 2018, is suing the company over a debt restructuring that he says was unfair to minority shareholders including himself.
The lawsuit filed in Hong Kong by Richard Elman – whose stake in the company was worth more than a billion dollars at its peak – is the latest installment in the saga of Noble, which rode the China-led supercycle to become one of Asia’s largest commodity traders before collapsing just as spectacularly in a scandal over its misleading accounts.
The 83-year-old founder was a central figure in that drama, leading the company through its highs and lows and doing battle with a group of hedge funds that held its debt, before eventually supporting a restructuring deal in 2018 that drastically reduced his stake and handed control of the company to its creditors.
Read the full story on Bloomberg here.