Ex-civil servant says Singapore's SGX is a policeman without a gun

SINGAPORE: Francis Tay feels cheated. The former Singapore civil servant says he’s lost almost S$50,000 (U$36,600) in the implosion of Noble Group Ltd, the commodity trading giant. He also says shareholders like him have been let down by regulators whose job it is to protect them from the sort of crisis that’s brought the company to the brink.

Yet, the 71-year-old says he still plans to vote in favour of a debt-for-equity restructuring at a shareholder meeting in Singapore tomorrow that will hand control to senior creditors, diluting existing stockholders. He sees no other option. Chairman Paul Brough paints the deal as do-or-die, and it already has the backing of the biggest investors, including founder Richard Elman.