“This is a complex investigation and in fact, the biggest securities fraud investigation that CAD has ever conducted.”Mano Sabnani, a well-known investor in the local scene, demanded an update on the investigation during the AGM. To his disappointment, Tan declined to reveal any confidential information regarding the investigation. (An extremely disgruntled shareholder expressively shouted and ranted his anger toward the board for a solid ten-minutes regarding this issue and actually verbally attacked the personal life of the chairman!) Since the Blumont ......
It has been two years since the penny stock saga of Blumont broke. The valuation of the scandal-hit company plunged by 90% in a week – wiping out billions of dollars overnight in shareholder value.
To date, the case remain under investigation. Tan Boon Gin, SGX’s new chief regulatory officer and ex-director of the Commercial Affairs Department (CAD) and Singapore Police Force had this to say: