Founder of Collapsed Commodities Noble Group Richard Elman Files Lawsuit Against Noble Group in Hong Kong for Unfair Restructuring Deal & Mismanagement in 2022 to Minority Shareholders, Richard Elman Owns 2.88% of Noble Group
11th August 2023 | Hong Kong
Founder of collapsed commodities Noble Group Richard Elman (Age 83) has filed a lawsuit against Noble Group (NGHL) in Hong Kong for unfair restructuring deal & mismanagement in 2022 to minority shareholders. Richard Elman currently owns 2.88% of Noble Group. In 2018, Noble Group had went through a major restructuring, reducing Richard Elman as Noble Group largest shareholder to a minority shareholder. Richard Elman founded Noble Group in 1986. NGHL – NGHL was created in 2018 as part of a court approved restructuring of Noble Group Limited (in liquidation) (“Old Noble”) to hold certain assets formerly owned by Old Noble. NGHL has no relationship with Old Noble following completion of the court approved restructuring. On 7 February 2022, as part of the deleveraging and reorganisation undertaken by NGHL, NGHL ceased to have any interest in Noble Trading Co Limited (“TradeCo“) and the commodities trading business carried on by TradingCo and its subsidiaries.
“ Founder of Collapsed Commodities Noble Group Richard Elman Files Lawsuit Against Noble Group in Hong Kong for Unfair Restructuring Deal & Mismanagement in 2022 to Minority Shareholders, Richard Elman Owns 2.88% of Noble Group “
NGHL
NGHL, through its wholly-owned subsidiary AssetCo, owns interests in a principle asset, Harbour. NGHL is committed to managing these interests with a view to maximising their value for the stakeholders of NGHL. NGHL was created in 2018 as part of a court approved restructuring of Noble Group Limited (in liquidation) (“Old Noble”) to hold certain assets formerly owned by Old Noble. NGHL has no relationship with Old Noble following completion of the court approved restructuring. On 7 February 2022, as part of the deleveraging and reorganisation undertaken by NGHL, NGHL ceased to have any interest in Noble Trading Co Limited (“TradeCo“) and the commodities trading business carried on by TradingCo and its subsidiaries
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