Whilst Noble Group appears to be reporting accounting profits, there is evidence of significant tax losses – about US$1.8bn of them. In the income statement, these have been masked by US$4-5bn in asset revaluations and fair value gains over the past five years. Their lack of cash flow has been concealed by a suspected change in accounting policy, a blow-out in payables and confusing disclosure. Should these losses have been made public, we can but presume that the company would have almost no equity, lost its credit rating and would most likely be in creditor administration. Following the release of…
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