April 29, 2014 / 11:01 AM / in 4 years

Singapore's Blumont says police probing acquisitions

SINGAPORE, April 29 (Reuters) - 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 month.

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)

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