-- Singapore has long touted itself as the ideal home for a commodity trading house, with low taxes, light regulation and a view of one of the world’s busiest shipping channels.
And it’s been just a couple of years since Noble Group Ltd., a Singapore-listed firm that was once Asia’s largest commodities house, spiraled into a court-appointed restructuring after allegations of overly aggressive accounting practices. The country’s Trade and Industry Minister Chan Chun Sing said in a Bloomberg TV interview last week that he doesn’t think Hin Leong’s collapse would affect the wider market, and that he doesn’t think the case has dented the country’s reputation at this point.
Low TaxesSingapore courts trading firms around the world to rent office space and hire well-educated locals. The government offers traders corporate tax rates of just 5%, even better than the 13% rates offered to the trading houses that populate the cantons of Switzerland. Story continuesDee was a high profile critic of both Noble Group and agricultural trader Olam International Ltd., which survived a short-selling attack by Muddy Waters LLC after being rescued by Dee’s former firm.
No charges or allegations have come out of the probe. Investigations are ongoing and no other information is available right now, a Singapore Police Force spokeswoman said by email.
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