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Kings Perth Hotel
17 February 2017
Kings Hotel is due to close for approximately a year from around August and will reopen in the first half of the 2018 financial year.
2022
The hotel remains somewhat abandoned. MCS Security provides an onsite security guard for 12 hours every night and during the day on the weekend. A mobile patrol security officer attends regularly, as well as for required responses, during the weekdays.
For a while, (Vietnamese?) contractors did work on the Kings Hotel, for what appears to largely have been for plastering and painting. It's hard to know how long this continued for and whether or not it is continuing to date.
06 - December 2021
07 - December 2021
Noble Group
An online search of Noble Group, who were said to be Singapore-based (according to the security guard I spoke with), shows (if it is the same company in question), that they were accused of accounting fraud by Iceberg Research, which saw their credit rating downgraded to junk. As a result, they recorded net losses of $1.7 billion in 2015 and the remaining 49% of their agricultural business was also sold.
CEO Yusuf Alireza, who is now the CEO and co-founder of Dubai company ARP Global Capital, was terminated from Noble Group in May 2016 (Bloomberg). A year later, he sued its founder Richard Elman, for $58 million (AUD) compensation, alleging contract breaches. In 2019, the amount in question becomes $80 million (AUD) as a result of shares he is owed (The Straits Times). I am unable to find any updates since.
As of December 2021, Noble Group are undergoing their second restructure in three years which will see $500 million debt cut from $1.5 billion owed (Bloomberg). Another news article states they are now Hong-Kong based and are undergoing a winding up process in Bermuda, in an attempt to rescue themselves by selling billions of dollars of assets, taking hefty write-downs, as well as cutting hundreds of jobs over the past few years. After being de-listed from the Singapore Exchange in 2018, they rebranded themselves as Noble Group Holdings as part of the debt-for-equity restructuring process (The Straits Times).
