ISR Capital chief rants over 'inaccurate' media reports

He denies company's linkage to 'penny stock' crash.

ISR Capital's chief executive officer sent a clarification letter to SGX noting recent media reports which inaccurately associate the firm with three individuals charged for various offences involving the so-called "penny stock" saga.

The full text of the letter is as follows:

I regret to note recent media reports which inaccurately associate ISR Capital Limited with the three individuals charged for various offences under the Securities and Futures Act in relation to the trading activities of three SGX-listed companies, Asiasons Capital Limited (now known as Attilan Group Limited), Blumont Group Ltd, and Liongold Corp Ltd.

The inaccurate media reports imply that ISR Capital Limited is somehow involved in the so-called “penny stock” saga. These implied “links” of ISR Capital Limited to the investigations may have contributed to the volatility in the Company’s stock price in recent days. Trading in the Company’s shares have been suspended since 27 November 2016.

I wish to state categorically that there is no direct or indirect link of ISR Capital Limited, its directors and officers save for the fact that that I am the sister of one of the three co-accused
charged on 25 November 2016. I also wish to state that in my capacity as Executive Director and Chief Executive Officer (since 29 April 2011), I have not been involved in any criminal
proceedings.

ISR Capital Limited maintains the highest standards of corporate governance and ethics. It is undergoing a significant corporate transaction which the board believes, upon obtaining the necessary regulatory and shareholder approvals, will enhance shareholder value and chart a new direction of growth.