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LionGold shareholders withdraw from share subscription agreement

Two shareholders of LionGold -- a firm under scrutiny by the Singapore police's white-collar crime unit -- have backed out of a deal to subscribe for new shares.

SINGAPORE: Two shareholders of LionGold -- a firm under scrutiny by the Singapore police's white-collar crime unit -- have backed out of a deal to subscribe for new shares.

Teo Kek Yeng and Toh Soon Huat decided to withdraw from the share subscription due to the ongoing investigation by the Commercial Affairs Department into an offence under the Securities and Futures Act, LionGold said late on Friday.

The two had earlier agreed to each subscribe for 3,731,343 shares at an aggregate issue price of S$500,000.

LionGold reiterated its board was not aware if any offence has been committed.

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