SINGAPORE, April 29 Singapore-listed diversified
firm Blumont Group Ltd said the police were probing
its acquisitions as part of an investigation into the company
following a penny-stock crash last year.
The Commercial Affairs Department (CAD), Singapore's
white-collar crime police unit, has asked Blumont to give it
access to documents relating to some acquisitions, including
completed and proposed deals, the company said in a statement to
the Singapore stock exchange on Tuesday.
The requested documents include those related to the
proposed acquisition of Hudson Minerals Holdings Pte Ltd, the
proposed acquisition of Resource Generation Ltd and the proposed
investment and takeover bid for shares of Cokal Ltd,
the company added.
"The businesses and operations of the company are not
affected by the investigations and will continue as normal,"
Blumont said in the statement.
Share prices in Blumont, LionGold Corp and
Asiasons Ltd crashed in October, wiping out around S$8
billion ($6.4 billion) of their combined market value in just
two days after huge run-ups.
The CAD is already investigating some executives of
companies owned by Blumont and LionGold, the companies said this
Blumont, which was previously involved in packaging,
property and investment, began investing in iron ore, coal,
gold, uranium and copper businesses from 2012.
Blumont's investments in commodities companies coincided
with a run-up in its share price.
($1 = 1.2569 Singapore Dollars)
(Reporting by Anshuman Daga; Editing by Miral Fahmy)