The penny stock controvery in October is causing a stir in Singapore which is sensitive to anything that could tarnish its reputation for strong corporate governance, effective regulation and low levels of crime and corruption, which hashelped it develop into one of Asia's major financial centres - AFP Photo.
SINGAPORE: Singapore Exchange Ltd 's role as the city-state's equity market regulator is coming under increasing scrutiny in the fall-out from a penny stock crash earlier this month.
The sudden implosion of Blumont Group Ltd, LionGold Corp, and Asiasons Capital Ltd – after huge run-ups in their share price earlier in the year had turned them briefly into billion dollar companies – left many in the market mystified and raised question marks over whether the exchange missed red flags and was too slow to act.
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