Chairman Richard Elman spends $2.2M to up Noble stake to 22.1%

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The chairman of embattled commodities trader Noble Group bought 10 million shares of the company on open market for S$3.19 million ($2.22 million) on Friday, according to a filing to the Singapore Exchange.

Noble stock tanked 12 percent on Friday on the back of a credit ratings downgrade from Standards and Poor's.

According to the filing, Richard Elman - who is also the company's founder and biggest shareholder - upped his stake to 22.1 percent, from just below 22 percent prior to the purchase.

Noble's downgrade from investment grade to junk by S&P followed a similar moveby rival ratings agency Moody's just a week earlier. Both agencies raised concerns about the company's liquidity and the overall depressed commodities market.

The stock was down as much as 9 percent on Monday, putting its decline at about 20 percent this year so far.

Noble's share price tumbled 65 percent in 2015 after a firm called Iceberg Research published a reportalleging that the Singapore-listed trader's accounting treatments were "unusual,"result in "fabricated" profit and "intentionally misleads credit agencies and investors."

Noble has repeatedly denied the allegations.

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