(Source of news : The Edge)
LATEST UPDATE : As per a subsequent update in The Edge, Asiasons Board has denied CAD probe and assure the stakeholders that business is "As Usual"!
It is confirmed that The Commercial Affairs Department (CAD) has started investigations on trading irregularities in the shares of Asiasons Capital (5ET), Blumont Group (A33) and LionGold (A78). The three companies (which are inter-linked) were at the centre of a penny stocks debacle late last year.
Price volatility in the three counters wiped out billions of dollars in combined market value from the firms. The CAD said it is working with the Monetary Authority of Singapore (MAS) to investigate possible breaches of the Securities and Futures Act.
The trading for Asiasons Capital is halt at the time of writing.
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