Embattled Noble Group sued by top investor as it defaults on debt

Embattled Noble Group sued by top investor as it defaults on debt

Richard Elman, chairman of Noble Group Ltd., speaks at the Asian Financial Forum in Hong Kong, China. Photographer: Jerome Favre/Bloomberg

Noble Group Ltd. is being sued by one of its top shareholders in a fresh blow to the embattled commodities trader as it defaults on debt obligations.

Goldilocks Investment Co. filed a lawsuit Tuesday in the Singapore High Court against the company and executives, including founder Richard Elman, alleging the trader inflated profits to raise money, according to a copy of the writ of summons seen by Bloomberg. Separately, S&P Global Ratings cut Noble’s credit score to a level signifying default after it said the trader missed principal and interest payments on dollar-denominated bonds due Tuesday.

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