Channel NewsAsia

InnoPac FY loss larger than earlier reported

The Singapore-listed investment firm involved in an ongoing police investigation said this was due to an additional provision of S$33.7 million arising from an uncompleted transaction.

SINGAPORE: Innopac Holdings, a Singapore-listed investment firm involved in an ongoing police investigation, has restated its 2013 accounts to show a much larger loss than was earlier reported.

Innopac said an annual report sent to shareholders showed a loss before tax of S$54.5 million in the 12 months ended December -- more than double the S$20.8 million figure stated in unaudited results released on Feb 26.

The changes were due to an additional provision of S$33.7 million arising from an uncompleted transaction.

Innopac had agreed to sell certain marketable securities to a counterparty for S$65 million last year. While the counterpart has agreed to complete the deal this year, it has only provided collaterals of about S$25 million.

Innopac said in April that it had been ordered to hand over computers, data storage devices, files and financial records to the Commercial Affairs Department (CAD) in connection with an investigation into an alleged offence under the Securities and Futures Act.

Mr Wong Chin Yong, the firm's CEO, had also surrendered his passport to the CAD in relation into an offence relating to false trading and market rigging.

Tweet photos, videos and updates on this story to  @channelnewsasia