Metals trader Trafigura has refuted claims from Iceberg Research, the analytics outfit that launched an explosive campaign against Noble Group, that it has overvalued "hundreds of millions [of dollars] in debt securities issued by an associate."
Iceberg's claims - made in a report published on Wednesday June 19 - center on Trafigura's valuation of debt securities linked to its Porto Sudeste asset, a Brazilian port in which the company owns a 49.5% stake.Trafigura values the debt securities of the port at $490 million, which Iceberg disputes, arguing that publicly available...