An SGX Catalist-listed real estate developer and property investment company Imperium Crown Ltd has recently engaged Asia Fund Space for market making services in an attempt to manipulate their share prices in The Singapore Exchange (SGX).
This information was revealed after an email conversation between the two parties was leaked revealing the shared documents between the two companies. In an attempt to mask the deal, the contract was named “investor relations”. This agreement to manipulate Imperium Crown Ltd share prices in SGX has been up since 23 of August 2017.
In the contract, Asia Fund Space promised to get the share price of Imperium Crown to $0.15 from 23 of August to 31st of October 2017 with benefits. Asia Fund Space agrees to refer potential investors from time to time to Imperium Crown Ltd in return for a referral fee. Asia Fund Space refer potential investors to buy Imperium Crown Ltd share by giving the Imperium Crown Ltd a referral notice containing reasonable details on the identity, business profile and contact information of such investor. Imperium Crown Ltd agrees to pay Asia Fund Space five percent (5%) in cash of the total sum invested by an investor.
Market manipulation is among the oldest and most harmful practices in global share markets. It victimizes individual investors, erodes public confidence in market integrity and undermines market efficiency.
By creating artificial, false or misleading stock prices, Imperium Crown will harm legitimate traders who are forced to transact at distorted levels that do not efficiently reflect their corporate value.
Some clarity may be gained by defining manipulation as fraud. ‘False’ trading falls easily within the conceptual confines of fraud as such trading involves deceptive trading designed to fool ordinary investors. SGX and the government must continue to actively strive to prohibit market manipulation.
By distorting a market’s price formation and discovery process and victimizing legitimate investors, market manipulation is generally understood as having a severely negative impact on market efficiency and integrity. In this way, manipulation undermines the very purpose of financial markets, being the cost-effective transfer of investment from those in financial surplus to those in financial deficit.
About The Singapore Exchange (SGX)
The Singapore Exchange (SGX), created in 1999, is a multi-asset class equities and derivatives exchange, one of the largest in Asia. SGX ranked 23rd among global derivatives exchanges by volume in 2016, with 172.4 million contracts traded, down from 183.8 million contracts a year earlier, according to Futures Industry Association annual volume figures. SGX is also the first Asian clearing house to clear OTC traded financial derivatives comprising interest rate swaps and non-deliverable Asian foreign exchange forwards.
About Asia Fund Space
Asia Fund Space is an exclusive, pan-Asia community for Listed Companies and Professional Investors. The goal of the company is to bring members of the professional investment community closer to the Management of Listed Companies to network and share ideas. The company emphasizes “360-degree-interaction” — offline networking and discussions that continue on the Asia Fund Space online portal.
About Imperium Crown Limited
Imperium Crown Limited (formerly known as Communication Design International Limited) is a real estate company listed on the SGX-ST Catalist Board (stock code: 5HT) and became a component stock of the FTSE ST Catalist Index on 21 September 2015. It was listed on SGX-ST (Catalist Board) on 19 January 2006. Following the divestment of its original business, the Company has adopted the new name, Imperium Crown Limited to reflect its focus on the property investment and property development business in Japan and Asia.