Spotlight on CAD probe, Noble, Wing Hang deal
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THE Straits Times Index may have risen 40 points or 1.3 per cent to 3,212.72 this week, but grabbing most of the attention was news that the Commercial Affairs Department (CAD) is investigating several highly placed company officials as part of its probe into trading of penny stocks in the local stock market.
Eight companies were in the news over the investigation, namely Asiasons Capital, Blumont, LionGold, Innopac, Ipco, ITE Electric, Magnus Energy and ISR Capital, though Asiasons has said none of its directors or officers has been asked by CAD to assist in its probe.
All eight are connected via a web of complex cross-holdings and, in some cases, common directors. The investigations are in response to sharp falls in the prices of Asiasons, Blumont and LionGold last October which prompted the Singapore Exchange (SGX) to suspend trading and label the three as "designated securities".
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