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  gyaradoz likes this.
alaxgray Post removed. Why?
31/10/2013 11:43 AM
Nallayak two original shareholders putting fresh money seems to rescue the mayhem , the other two must do the same to rescue the abandoned SGX penny mkt
31/10/2013 12:49 PM
Nallayak putting money where their mouth is is the best method to regain mkt confidence and put the penny scare episode behind
31/10/2013 6:09 PM
Nallayak money talks and real money do the talking today
01/11/2013 5:35 PM
Nallayak KL where the major shareholders are from are full of old established money which they can tap easily
01/11/2013 5:36 PM
Nallayak the edge reported that Asiasons was shorted to the tune of $30 Million but survived to be investigated, US hedge funds prime suspect and unlikely to involve local syndicates. Sounds like another ang Moh white eat white
01/11/2013 8:38 PM
Nallayak since the shrs tightly held the original partners should have done a short squeeze and tapping on KL old money network to teach the Ang Moh shortist a lesson. Otherwise the Ang Moh think everything in Asia is for shorting like in 1997
02/11/2013 6:51 PM
inphyy Slow and steady...back to 20 cts
04/11/2013 10:28 AM
Peter Chen Platinum Partners invested in Asiasons, Blumont, LionGold before share collapse
05/11/2013 10:55 AM
albertlaw I got the info from here..though a bit outdated since in Oct but Nov now..still ok to share info

Hi all,

I have been following the company blumont/asiasons and liongold quite a bit. Interesting happenings like this either pops up opportunities for improving regulation (for sgx) to protect investors with things like trading restrictions, observing shortselling and soon to come circuit breakers....issues with remisiers and brokerage houses for managing credit risk and contra trading and finally opportunities for retail investors and such.

I have quantified all 3 stocks with their risk and returns. I do feel that the downside is limited, the upside however leaves much to imagination. Do check it out on my blog.


Cheers and stay sharp, stay safe.
06/11/2013 10:13 PM
Nallayak it's a gamble but they are no longer in top active lists which is worrisome, the punters seems to be chasing something else
07/11/2013 1:55 PM
PJTrader Post removed. Why?
07/11/2013 8:04 PM
Nallayak what did Tong Kooi Ong have to say , will be interesting in Edge daily, please share
13/11/2013 9:17 AM

14/11/2013 9:03 PM
dragonslayer wow! ony company among the 3 designated co that with such good result. bravo! sure cheong tomorrow.
14/11/2013 9:28 PM
inphyy TGIF...no cheer plus after reading these news

AmBank recovers RM15m in exposures from trading 3 SGX stocks

Market integrity is responsibility of all parties

victims in sweats when see "owe $ pay $" words. Those not involve investors think twice before enter the market.

It is a dark Friday.
15/11/2013 12:19 PM
Nallayak weakness in SGX system exploited by big shorsellers
15/11/2013 12:27 PM
Nallayak wekness in margin control exploited. total losses to brokers expected 750M less recovery
17/11/2013 4:12 PM
Nallayak Azlan is the biggest clown ex regulator other than Hunk Paulson with counter that falls everyday despite shareholder pumps money in via convertible bond, sold Proton assets for $1 just don't sell all minority shareholders for same value
20/11/2013 12:53 PM
albertlaw Date: 22-Nov-2013 19:05) Posted:

Lawsuits shine light on Goldman?s role in Asiasons, Blumont and LionGold crash

25 November 2013

Ipco International CEO Quah Su-Ling is taking a unit of Goldman Sachs to court for losses suffered during the collapse of Asiasons Capital, Blumont Group and LionGold Corp early last month. According to legal papers filed on Nov. 20 with the High Court in the UNK and seen by The Edge Singapore, the case revolves around a loan that Quah took from the bank to buy shares in two of these companies.

Quah opened a private wealth management account with UK-incorporated Goldman Sachs International in February, with the intention of taking a loan to buy shares in LionGold. She was introduced to the bank by an investment consultant named William Chan, who heads a Singapore-based investment management firm.

Under the loan agreement with Goldman, Quah initially pledged three million Asiasons shares as collateral for the credit facility. She first invested in Asiasons in 2008, and became a shareholder of Blumont shortly afterwards.

With the money from Goldman, she proceeded to buy LionGold shares, which, together with her Blumont shares, were subsequently placed in her investment portfolio as collateral to extend her loan facility. As the amount and value of her LionGold shares grew over time, the size of her loan increased correspondingly.

By Oct. 1, it had increased to more than $61m, from $12.4m at the time she became a Goldman client.

When Blumont announced in July that it planned to raise funds through a rights issue, Quah was told she could tap her credit line from the bank to subscribe for the rights shares. She agreed to take up her full entitlement to the rights issue on Oct. 1, using the loan from Goldman, and instructed the bank on the same day to proceed accordingly.

Abrupt U-turn

To her surprise, the bank called her on the morning of Oct. 2 to demand that she repay her entire loan in cash by 1.30pm the same day. It?s unclear why Goldman suddenly decided to pull the credit line.

By 1.37pm that day, she was served a notice of default through an email stating she had failed to meet her obligations to the bank, which proceeded immediately to sell her shares in Asiasons, Blumont and LionGold. On Oct. 2, Goldman sold 1.2m of Quah?s shares in Asiasons at $2.79 each. The following day, it sold more of her shares in Asiasons, in two batches, at $2.7524 and $2.7144 apiece respectively.

In seeking to prevent more forced sales, Quah found a buyer on Oct. 3 for her shares in LionGold and Blumont. The next day, she informed Goldman about the buyer ? Vicario Investments from Hong Kong ? and instructed the bank to stop force-selling her shares.

Goldman continued, however, to offload her shares on the market. On Oct. 4, before the Singapore Exchange halted trading on the three counters an hour after the opening bell, the bank sold 292,833 of Quah?s shares in Asiasons for $2.4246 each and 230,667 LionGold shares for $1.2372 apiece. By the time trading was suspended that morning, shares of Asiasons, LionGold and Blumont were down to $1.04, $0.875 and 0.88 respectively.

Other casualties revealed

Around that time, Quah found out that Goldman had also issued a notice of demand to three other individuals seeking payment of their outstanding loans. They include James Hong, Blumont?s executive director and Ng Su Ling, who resigned as Blumont?s independent director on Nov. 18. All three defaulted on their loan obligations, according to court documents filed by Quah?s lawyers.

Ng, too is taking legal action on her own against Goldman. She tells The Edge Singapore that she signed a margin financing agreement with the bank in June. ?I have filed a claim form, which is akin to a writ in Singapore. That would mean the commencement of a lawsuit. Notice of commencement has been sent to their lawyers in Singapore.? Her case will also be heard in UK.

?I can only say at this point that the suit is in connection with agreements signed with Goldman Sachs International and Goldman Sachs Singapore. In relation to the particulars of the claim, I cannot give them to you at the moment because my solicitors are working on it. It is a personal suit,? says Ng who has hired a Queen?s Counsel and solicitors from Reynolds Porter Chamberlain LLP (RPC), a London-based corporate law firm. RPC, which has offices in the UK, Singapore and Hong Kong, is known for taking on cases involving professional negligence.

Quah, too, has engaged a Queen?s Counsel to fight her case. Court papers filed by her lawyers from London-based Wiggin LLP allege a breach of duty on the part of Goldman. A breach of duty occurs when one person or company has a duty of care towards another but fails to live up to that standard.

Among other things, Quah?s lawyers claim that the bank had ?perversely and irrationally threatened? the dump her investments on the open market and had inde
22/11/2013 11:26 PM
inphyy Thanks for the news.
23/11/2013 1:08 AM
reallyLOL It will be interesting to see Goldman's version of events. SGX should reveal the names of the substantial shareholders or directors if they were involved in lending their scripts to the short sellers.
24/11/2013 12:22 PM
Nallayak Goldman will ask for arbitration to keep out of open court
25/11/2013 2:13 PM
inphyy Broker seeks to recover US$68m from 10 clients

28/11/2013 1:27 PM
Nallayak Mareva injunctions ex parte most likely but some daring banks may ignore and still do forced selling
28/11/2013 4:36 PM
Peter Chen How Soh Chee Wen planned his come back

29/11/2013 8:21 PM
Nallayak this Azlan helmed co how can be so low, ex Regulator also ppl don't care, maybe Dr M is correct in condemning him selling Proton assets away for a song. Better see who else dr M condemn
05/12/2013 2:14 PM
reallyLOL Problem now lies with the SGX who are taking their own sweet time with their probe. Long over due. This should be a straightforward exercise. Just take a look at the shareholders register and the names of the sellers would be revealed.
06/12/2013 5:14 PM
Nallayak goldman Sex short big time exploiting weak sGX no circuit breaker system, back in 1997, ocbc shorted to below 4 so they can short any shr they want is a given.
06/12/2013 7:31 PM
reallyLOL The shareholders register would show who lent the shares to them and the SGX transaction records would show the names of the sellers. What's taking the SGX so long to reveal their findings?
07/12/2013 10:27 AM
09/12/2013 1:00 PM
albertlaw Lion has been making losses but backed by its ounce of gold..Bluemont and Asiasons have been making profits since 2009 except for recent results 3rd quarter year 2013 due to provisions for impairement..Lion tested its low of 15cts and rebounded and Bluemont tested 0.056 and Asiasons about 11cts ..when all those have to cut already cut and those shortists may have to cover now at big losses..reversal fortune..good luck to all
09/12/2013 7:12 PM
inphyy What happening...? 2 trading days "H". After 3 trading days will turn to "S"
10/12/2013 10:19 PM



Date of Lifting of Trading Halt * 12/12/2013
Time of Lifting of Trading Halt * 1345 hours
12/12/2013 1:42 PM
Nallayak this time they will set a trap for the short sellers
14/12/2013 4:25 PM
inphyy Asiasons salvages deal with US oil firm

15/12/2013 3:15 PM
Nallayak asiasons to prove short sellers wrong
15/12/2013 3:41 PM
Nallayak Jarr Lim dad in law maybe the next King maker of the President of MCA and politicians make the best businessman
15/12/2013 6:02 PM

16/12/2013 12:09 PM
Peter Chen Never say died atititude of Tan Sri Lee Kim Yew
19/12/2013 1:33 PM
Peter Chen What happen in 2013
07/01/2014 11:25 AM
Nallayak This yr son in law don't know dare to visit father in law on CNY, nearly dragged the daughter into investigation
21/01/2014 1:48 PM
jaijai http://biz.sinchew.com.my/node/92800?tid=6
04/04/2014 9:01 PM
jaijai MAS now check whether the offense involved. Tan Sri Lee Kim Yew daughter Lee Cheng Lin as per Country Heights Holding Bhd Director be in investigate. This news out really effect reputation for all Country Height Company and Subsidiaries company. On monday just see their company CHHB will drop or not.
04/04/2014 9:08 PM
Nallayak rich folks must not allow daughter to marry investment bankers lah to be safe from BAFIA & MAS
10/04/2014 7:46 PM
kt99 This counter can buy?
05/08/2014 8:59 AM
reverrrrrr Post removed. Why?
05/08/2014 3:57 PM
kt99 i got source said this counter fundamental still good, can invest for long term.
09/08/2014 4:27 PM
kt99 No comment on this counter?
03/09/2014 9:00 AM
premnor Could anyone who has any latest info about this company share with all of us in this forum? Tq
05/02/2015 12:32 PM


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