One of Asia's biggest commodity-trading firms,
Noble, has said that it "completely rejects" allegations made by a
research firm over its accounting practices.
A 17-page report by Iceberg Research posted online alleges that Noble "uses accounting loopholes".The Singapore-listed shares of Noble fell by as much as 10% on Monday.
This caused the stock exchange to send the firm a formal query over the unusual price movement.
Noble said that "save for the report, the company is not aware of any other possible explanation of the trading".
"All material information to which Iceberg Research refers is in the public domain. There has been no material adverse change since the company last reported," Noble said in a statement to the Singapore stock exchange,
"The company reserves its rights against Iceberg Research."
Not much is known about Iceberg Research, which refused to reveal its location or employee size when contacted by the BBC.
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