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Probe into Singapore penny stock rout widens

Published on Apr 3, 2014 4:51 PM

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.

Asiasons Capital issued a statement on SGX on Thursday clarifying that neither the company and its subsidiaries, nor any of its directors and officers have received notices from any authorities to assist with the investigation.

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