Ex-Noble Group’s CEO sues founder for $58mn

Bloomberg

The former chief executive officer of Noble Group Ltd. has filed a lawsuit against founder Richard Elman claiming that he’s owed stock in the embattled commodity trader.
Yusuf Alireza, who left the company in May 2016, filed the suit against Elman in the High Court of Hong Kong alleging contract breaches, according to a writ of summons. Alireza seeks at least HK$450 million ($58 million) in compensation.
Elman, who stepped down as chairman of the company in May, declined to comment. Alireza couldn’t immediately be reached for comment.
Once Asia’s largest commodity trader, Noble Group is beset by a crisis that stretches back more than two years, which has left the Hong Kong-based firm grappling with losses, a collapse in its securities, junk credit ratings and uncertainty over its ability to fund its debt. The company’s market value has slumped to S$400 million ($290 million) from more than $10 billion at the end of 2010. Elman, the largest shareholder, has an 18.5 percent stake.

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