SGX should disclose why it suspended trading of ISR shares

(Dec 5): ISR Capital is apparently miffed that recent media reports have associated it with “the three individuals charged for various offences under the Securities and Futures Act”. And, it has issued a statement that reads like a precursor to legal action.

In the statement, dated Nov 30, ISR says its “business activities are not in any way associated with the individuals mentioned or with any of three Singapore Exchange-listed companies whose trading activities are the subject of investigations by the Commercial Affairs Department”. It identifies the three companies as Blumont Group, LionGold Corp and Asiasons Capital (now renamed Attilan Group).

On Nov 25, John Soh Chee Wen and Quah Su Ling were charged for “orchestrating a massive fraud” to manipulate the market for the shares in Blumont, LionGold and Asiasons between August 2012 and October 2013. Charges were also tendered against Goh Hin Calm, whom the authorities allege is a key accomplice of Soh and Quah.

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