New Straits Times

Noble paid Frase US$20m even as firm loses billions


LONDON: Noble Group Ltd handed its outgoing co-chief executive officer Jeff Frase a remunerati­on package worth about US$20 million (RM78.12 million) last year, even as the commodity trader slumped to a record loss of almost US$5 billion.

The scale of the award, reported in Noble’s annual financial statements last week, is likely to provoke consternat­ion as the embattled trading house attempts to secure agreement from its creditors and shareholde­rs for a restructur­ing plan that would impose heavy losses.

The remunerati­on is more than the US$15 million than Noble has offered to pay holders of its perpetual bonds, which have a face value of US$400 million. Under the current debt restructur­ing plan, perpetual bondholder­s, which rank below other debt securities, will suffer a 96.25 per cent loss in face value.

Frase’s remunerati­on totalled US$20.2 million last year, according to Noble’s financial statements, of which US$3.5 million was a “share-based payment expense” and US$16.7 million described as “other emoluments”.

Newspapers in English

Newspapers from Malaysia