How is it possible for the shares of a privatized company to still be traded on the US OTC stock market?

Question

At one point, Noble Group was among the largest commodity trading firms in the world. During 2015-2019, the company was accused of accounting fraud, reported huge losses, and was facing insolvency and bankruptcy. The company was delisted from the Singapore Exchange, underwent debt restructuring to avoid bankruptcy, and now operates as a private company.
On the US OTC stock market, Noble Group's shares are still being traded in the form of ADRs (NOBGY) and F shares (NOBGF). Its shares are classified under the OTC Markets' "Pink Current Information" category.
How can the ADR and F shares of such a company continue to trade on the US OTC stock market even after the company was delisted and privatized?

Norgate Data · Accepted Answer

Actually it's a PUBLIC company. Noble's shares just are not listed on an exchange, and they also have no plans to do so. You can certainly trade them in bilateral trades, with quotations facilitated by venues such as OTC Markets but none of that is a formal stock market.
More info here: https://noblegroupholdings.com/faq-shareholder
Regarding ADR - at some stage this ADR was a sponsored ADR, which would have involved the market maker having some level of holding, so the listing still stands.
Regarding the Foreign OTC listing - the OTC Markets designation of "Pink Current" is simply that - a designation from a given party.  Regardless of the designation, the shares still exist and can be traded bilaterally.  Given the illiquidty of such trading, there is bound to be a lot of volatility around price discovery.

How is it possible for the shares of a privatized company to still be traded on the US OTC stock market?

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