Lawsuits shine light on Goldman’s role in Asiasons, Blumont and LionGold crash

[greengiraffe]

Oct 2015 will be 2 years... 22 months for a highly efficient task force... IIRC its unprecedented...

No Eyes See
GG

A precursor for a major action?

Singapore spares 'no effort' in biggest securities fraud probe

SINGAPORE (Aug 11): Singapore warned that it is sparing no effort in its largest securities-fraud probe as it seeks to shore up confidence after an $8 billion stock rout in 2013.

"We are acutely aware of the impact on investor confidence and the need to resolve this quickly and effectively," the Commercial Affairs Department said in its latest annual report. "The joint team is working tirelessly to get to the bottom of the matter."

The white-collar crime agency and the Monetary Authority of Singapore announced in April 2014 they were probing suspected stock-trading irregularities related to Asiasons Capital Ltd ( Financial Dashboard), Blumont Group ( Financial Dashboard) and LionGold Corp ( Financial Dashboard). The stocks had surged by at least 800% in the nine months before their shares plunged. That spurred brokers to clamp down on margin lending and dented trading sentiment.

The three companies have said they don't know what caused the sudden declines. Banks and brokers have sued to recover at least US$230 million ($318 million) from the stock rout.

"Together with the MAS, we are sparing no effort to bring those responsible to justice in the course of our biggest securities fraud investigation to date," the financial police said.

The joint probe "is the first of many to come."
http://www.theedgemarkets.com/sg/article...raud-probe