PwC’s great Noble Group disclaimer
| Aug 10 18:52 | 4 comments | Share
So, PwC’s review of Noble Group’s accounting and management practices — commissioned by Noble Group and released on Monday — puts the commodity trader firmly in the clear with regards to the way the company records profits on long-term sales and marketing deals. It is, at the very least, consistent with industry practice. But for posterity’s sake we thought we’d stick up the sizeable PwC disclaimer list that precedes the actual findings. The FT’s Neil Hume and David Sheppard further draw attention to the fact that the commodity dealer is to cut 16 per cent of its staff and seek asset sales or new financing deals as it continues to face difficult trading conditions. There are also reports emerging of Noble approaching a prominent dealmaker Michael Klein to review its options.