Regulators probe large seafood company, subsidiary
Financial regulators in Singapore have launched an investigation into seafood giant Pacific Andes and its subsidiary, China Fishery Group.
According to Reuters, details of what investigators are trying to determine were not available, but the Commercial Affairs Department and Monetary Authority of Singapore notified Pacific Andes on 18 August that they were investigating under that country’s Securities and Futures Act Cap 289, and wanted information from the company dating back to 1 October 2011. Regulators sent a similar notice to China Fishery.
The company said the investigation had not affected its normal operations, but share prices in both Pacific Andes and China Fishery plummeted as soon as trade resumed following the announcement of the investigations.