Trader backs out of job

THE founder of embattled Noble group will no longer take up an executive director role in the restructured commodity trader.

Richard Elman, 78, cited personal reasons for backing out of the job.

Noble group has been hammered by questions over its accounting and a slump in commodity prices.

Father-of-four Elman left school in Brighton at 15 before heading to Asia in the 1960s when he was in his 20s. He set Noble up in Hong Kong in 1986 and turned it into one of the world’s largest commodity traders during 30 years at the helm. He has an 18pc stake in the company.

Shareholders are due to vote on the restructuring plan on August 27.