Showing posts from November, 2013

Three penny stocks suffer further pounding

Erroneous reporting by Goh Eng Yeow to write that MSCI would be dropping the trio from the prestigious market benchmark. The trio are still in MSCI indices.

Financial adviser, bank new players in penny stock saga

Algo Capital’s mailing address is in Bishan, which is the residential address of its owner and chief executive Ken Tai Chee Ming.

Goldman Sachs sued in Singapore penny stock saga

Iskandar developers seen taking a big hit

Heftier taxes, scrapping of easy financing will deter buyers, says RHB Research

Penny stock debacle: More stakeholders take court action

The fallout from the penny stock debacle involving Blumont Group, Asiasons Capital and LionGold Corp continues as more stakeholders head to the courts.

Lawsuits may provide answers on $8b meltdown

The legal action being taken against Goldman Sachs could throw new light on the $8 billion share meltdown in Blumont Group, LionGold Corp and Asiasons Capital last month.

Interactive Broker seeks to recover US$68m from 10 clients

Global broking giant Interactive Brokers has launched the largest legal action so far in the wake of October’s penny stock collapse, taking aim at at least 10 clients as it seeks to recover about US$68 million of losses.

Third penny stock case against Goldman

Blumont director says bank breached duty by force-selling his shares

How the URA’s Masterplan 2013 Will Affect the Property Market

Should investors pick Noble, Olam or Wilmar?

Shares of commodity firms Noble Group, Olam International and Wilmar International have lagged the broader market over the last three years. But sentiment seems to be turning.

Reforming OLAM

The commodity supplier responded to short-selling attacks by reducing its capital expenditure and lightening its balance sheet. That could spell slower growth, but it might also boost the company’s profitability and cash flows. Is it safe to get back into the stock?

Singapore Exchange divides role of regulatory, risk chief

Singapore Exchange Ltd (SGX) said on Friday it had split the role of its regulatory and risk chief officer, a move that follows a penny stock crash that raised questions about the firm’s regulatory abilities.

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

Ipco International CEO Quah Su-Ling is taking a unit of Goldman Sachs to court for losses suffered during the collapse of Asiasons Capital, Blumont Group and LionGold Corp early last month. According to legal papers filed on Nov. 20 with the High Court in the UNK and seen by The Edge Singapore, the case revolves around a loan that Quah took from the bank to buy shares in two of these companies.

No Sugarcoating It: A Hard Landing Is Likely

Blumont independent director resigns

When contacted by The Business Times last night, the 49-year-old said one of the main reasons for her stepping down was to pursue legal action against Goldman Sachs International and Goldman Sachs Singapore.

Not all sub-dollar penny stocks are sub-value

To say that that the penny stock segment of the Singapore market has pulled back would be an understatement - crash landed and still smouldering would be a more apt description.

AmFraser Securities reveals losses from Oct 4 crash; management changes expected

The dust has yet to settle after the collapse last month of Blumont Group, Asiasons Capital and LionGold Corp, but at least one brokerage firm initially said to have suffered substantial losses from trades linked to the stocks has disclosed its exposure.

Capital-hungry Myanmar firms cautiously drawn to Singapore listings

At Yangon International airport, large blue and white signs in the arrival and departure halls promote Singapore’s stock exchange as the go-to destination for Myanmar businesses seeking capital.

Penny stock fiasco cost AmFraser ‘up to $47m’

AMMB clears air on its brokerage here but traders say figure may rise

Time for structural review of local bourse

Contra trading, share of penny stocks among issues that need addressing

SGX looking at new penny stock rules

The Singapore Exchange (SGX) is mulling new rules on penny stocks after last month's meltdown in these counters caused huge losses to some investors.

SIAS chief calls for heavy fines on those who breach listing rules

He also highlights price swings distorting thresholds requiring shareholders’ nod

Are public consultation papers useful?

Vincent Khoo
Letter to Editor, Business Times
08 November 2013

Was Black Elk the black swan that sank Asiasons, Blumont and LionGold?

A US-based hedge fund called Platinum Partners, and entities linked to it, had agreed to provide US$560 million in funding to Asiasons Capital, Blumont Group and LionGold Corp in August, September and October as shares in the three companies peaked strongly and then crashed spectacularly.

Platinum Partners invested in Asiasons, Blumont, LionGold before share collapse

In tracing the sudden collapse of the shares of three listed Singapore-based companies with reported Malaysian links, The Edge cast a spotlight on US hedge fund Platinum Partners Value Arbitrage Fund’s role had in inflating share prices beyond their value.

Badly hit penny stocks


SGX should consult public on HFT

There is a sense of painful resignation, infused with no small amount of frustration and even impending doom among retail players and their brokers following news that the Singapore Exchange (SGX) is pressing ahead with plans to introduce high-frequency trading (HFT) to the local equities market. Since it appears to be a question of when and not if, the exchange should address the myriad issues before opening its doors to a mode of trading that is controversial and has yet to prove beneficial to markets as a whole.

SGX faces delicate balancing task

Clearer communication can help in curbing speculation without using a heavy hand

Brakes put on penny stocks

Broking houses impose stiff curbs on purchases amid price gyrations

Some investors facing legal action over losses

The penny stock debacle has cost many local investors dearly and left some facing legal action from brokers and banks determined to get their money.