The Singapore authorities were rather slow out of the blocks, but the pace of proceedings has quickly caught on. I have confidence they will get to the bottom of this saga, although it might take time.
Article in the Straits Times (Singapore) by Grace Leong and another article on "ValueBuddies".
"The probe into last October's penny stock rout on the Singapore Exchange (SGX) has now widened to include the chief executive of Innopac Holdings as well as units of Magnus Energy.
The Commercial Affairs Department (CAD) has asked Mr Wong Chin-Yong, CEO and executive director of Innopac Holdings, to assist with investigations in relation to offences under the Securities and Futures Act.
Meanwhile, Magnus Energy Group also announced that two subsidiaries and a former subsidiary had received notices from CAD to provide all information and data belonging to the company's executive director Koh Teng Kiat and chief financial officer Luke Ho Khee Yong."
"The CAD also asked ISR Capital, majority-owned by private equity firm Asiasons, to assist with the probe. It made the same request for data belonging to ISR chief executive Quah Su Yin.
Similar CAD requests were made to Innopac chief executive Wong Chin-Yong; ITE Electric chief executive Ho Cheng Leong; its chief operating officer, Mr Ang Cheng Gian; and Mr Goh Hin Calm, a non-executive and independent director.
Innopac and ITE Electric said the four men will remain in their posts as the investigation proceeds.
Magnus Energy announced on Wednesday that two subsidiaries and a former subsidiary had received CAD notices to supply information and data belonging to executive director Koh Teng Kiat and chief financial officer Luke Ho Khee Yong."
"What goes round comes round... no matter how long it takes..." and with that we can only agree.
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