Singapore stock-trade probe seen as test of credibility

Probe widened to four more firms.

According to a report by Bloomberg, Singapore’s investigations into suspected stock-trading irregularities at three commodity companies whose shares plunged in October are seen as a test of credibility for Southeast Asia’s biggest equities market.

Authorities widened the probe last week to include executives from at least four more companies six months after the rout that triggered a plunge of least 87 percent in the shares of Blumont Group Ltd. (BLUM), Asiasons Capital Ltd. and LionGold Corp. over three days last October. Magnus Energy Group Ltd., Innopac Holdings Ltd., ISR Capital Ltd. and ITE Electric Co. (ITE) Ltd. said they or their units are being asked to assist. IPCO International Ltd. said late yesterday it’s also probed.

Read full report here.