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Hi Augustine,
I recently wrote about F&N AGM, and I learned that one of F&N investments in Fung Choi Media (FCM) with whopping price of $96 million has turned sour after FCM got suspended from trading publicly last year. The management has taken a conservative approach and quickly write off the value from its balance sheet.
On the other hand, the respective stake market value of Yancoal (one of the Noble’s investments) is $11 million as compared to the carrying value on its book valued at $614 million. Iceberg brought up a very important point which I thought Noble Group is very aggressive with its accounts practice. So some of the allegations are definitely true! 
I didn’t go further in-depth on the analysis as I never have any interest in Noble Group. Back in 2011, I wasn’t very comfortable with this company’s negative operating cash flow. Although Noble was growing really fast back then, I thought it was very risky.