Innopac Holdings ordered to hand over data, CEO surrendered passport

Innopac Holdings today disclosed that white collar crime buster Commercial Affairs Department (CAD) had on, April 2, served orders to the company and five subsidiaries and a former associate company to hand over computers, data storage devices, files and financial records belonging to these entities.

Innopac said in a statement that it and the relevant subsidiaries have cooperated fully with the CAD.

The CAD orders are in connection to their investigation into an alleged offence under the Securities and Futures Act from Jan 1, 2011 to date.

"Further, the board has also been informed by Mr Wong Chin Yong, managing director and chief executive of the company, that he has surrendered his passport to the CAD in their investigation into the offence of false trading and market rigging under Section 197 of the SFA."

It added that the CAD has informed Mr Wong that he may apply to travel, if necessary.

At this juncture, the business and operations of the company are not materially affected by the investigation, Innopac said.

The CAD and the Monetary Authority of Singapore disclosed earlier this month they are investigating suspected trading irregularities in the stock of Asiasons Capital, Blumont Group and LionGold Corp.

The shares of the trio rose between 40 and 160 per cent in August and September last year, but then plunged between 91 and 96 per cent over a few days in October, knocking off more than $8 billion in market value combined.

Investors have struggled to find explanations for the wild gyrations.

The probe quickly expanded to other companies, including Innopac and Mr Wong.