Two recent developments in the "Penny Stock Saga":
Article from the Straits Times (Singapore)
Court orders CEO to pay up $1.8m debt owed to bank
THE chief executive of an investment holding company who is locked in multi-million dollar lawsuits, has been ordered by the High Court to pay up a $1.83 million debt owed to a bank.
Ms Quah Su-ling, executive director of Ipco International for more than a decade, failed in her appeal to rescind the summary judgment against her sought by the Bank of East Asia for monies owed from a share margin facility. Ms Quah had also appealed to put the proceedings on hold.
Ms Quah's woes began last year with the plunge in the share prices of three listed companies: Asiasons Capital, LionGold Corp and Blumont Group.
She had invested up to $120 million in their shares.
She claimed Goldman Sachs gave her 1 1/2 hours last October to repay $61 million, which is the margin call on her trades in the companies.
Announcement by Blumont:
"The board of directors (the “Board”) of Blumont Group Ltd. (博诺有限公司) (the “Company”) wishes to announce that G1 Investments Pte Ltd (“G1 Investments”), a wholly-owned subsidiary of the Company, has received a notice dated 2 April 2014 from the Commercial Affairs Department of the Singapore Police Force (“CAD”) requiring G1 Investments’ assistance with the CAD’s investigations into an offence under the Securities and Futures Act (Chapter 289) (the “SFA”). The CAD has requested for access to, amongst others, all corporate electronic data from 1 January 2011 to-date, information technology equipment and data storage devices (if any) belonging to Mr. Neo Kim Hock, the Executive Chairman of the Board, and Mr. James Hong Gee Ho, Executive Director of the Company.
Further, the Company has been informed that Mr. Hong has been requested to assist the CAD in its
investigations into a possible infringement under the SFA..."
Looks like the net is tightening.