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Noble Metals audit finds US$2.5M embezzlement at US subsidiary

An ongoing audit at Noble Metals Ltd. found that up to US$2.5 million of funds have been misappropriated from its U.S.-based unit GPS Metals Labs by the former managing director Miguel Palomino.

The company said Dec. 7 that several transactions could not be verified and may create a substantial liability.

Palomino resigned from the company effective Oct. 24 due to health and personal reasons.