Innopac and its accomplices deliberately ramped its share price far beyond asset backing. It is during such a ramp that granny investor money is stolen, not during the inevitable crash to fair value. In October 2013 the share prices of the Singapore listed investment scams collapsed, perhaps because they had been warned by the complicit regulator that their scam was getting embarrassingly obvious.
Just like its Australian counterparts, Singaporean regulators have made no attempt to prosecute the criminals, preferring to pretend the share ramps were inexplicable magical market mysteries instead of fraud. Singaporean regulators have de facto become accomplices to the criminals, covering their tracks and protecting them. Just like in Australia, there is no free press to expose the criminals. In both Singapore and Australia, the rich and powerful criminal operators of listed investment scams have subverted the system to the point where a small investor has zero recourse to the law. Now the first lawsuits from the scam have started arriving in Singapore and Britain.
In Australia, Blumont Group has stakes in Cokal (CKA.AX) and Celsius Coal (CLA.AX), and is being sued for reneging on an investment in Prospect Resources (PSC.AX).
To be entirely clear and specific here: Innopac, Blumont, IPCO, LionGold and Asiasons are criminal organizations, vehicles of securities fraud run by criminals that consider themselves above the law. Singaporean regulators are complicit morons and are protecting the criminals. The ramps were not magical market mysteries, they were fraud. Any investor that lost money due to the regulator's astounding incompetence and complicity can expect zero justice. But in the extremely unlikely scenario that the criminals one day face justice, the regulator accomplices should be lined up right next to them.