In a statement today, the commodities trader said it has examined all three reports issued by Iceberg Research and will start legal proceedings at the Hong Kong High Court against the two parties and any of their associates.

"We recognise our responsibility to protect the interests of our investors and we are in constant dialogue with our business partners who have continued to show their strong support," Noble said.

Icerberg issued its third report on March 21, saying Noble "substantially understates" its debt and does not have truly independent board directors to help protect the interest of its minority shareholders.

Its first two reports accused the company of inflating its profits and employing questionable accounting practices.

"We reject their allegations as inaccurate, unreliable and misleading," Noble said today.

"As a public company we support responsible research. However, Iceberg are not the independent research house they claim to be.

"Their actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research."