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Noble Group founder resigns as a director; company confirms shareholder suit

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Noble Group founder resigns as a director; company confirms shareholder suit

Noble Group Ltd. said March 21 that founder Richard Elman is resigning as a nonexecutive director of the company, effective March 20.

Elman became a nonexecutive director in May 2017, after the group replaced him as chairman with Paul Brough. Elman remains a top shareholder, with 243,116,286 shares.

Earlier in the week, Noble Group shareholder Goldilocks Investment Co. Ltd. filed a lawsuit against the Hong Kong-based commodities trader and its executives in the Singapore High Court, alleging the company inflated profits and its balance sheet to raise money.

In a separate, same-day announcement, Noble Group confirmed that it had been served with a writ of summons for the Goldilocks lawsuit. The company said it is consulting its legal advisers and will "vigorously resist any and all allegations or claims."

The lawsuit alleges that Noble Group management tried to cover up salary increases when company accounts came under scrutiny and in the public eye after Iceberg Research raised concerns about its accounting practices.

Elman and Brough were named as defendants in the lawsuit, along with CEO Will Randall and CFO Paul Jackaman.