Blumont's Molyneux drops investment plan amidst Singapore lawsuits

Molyneux tight-lipped on the matter.

According to a report by Bloomberg, Alexander Molyneux, chairman-designate of Blumont Group Ltd. (BLUM), one of three Singapore commodity stocks that erased $6.9 billion in value in October, dropped a plan to buy shares in the company because of lawsuits.

Molyneux won’t proceed with a plan to buy 135 million shares in Blumont, the Singapore-based company said today in a statement, without giving a reason for the decision to drop the investment. Blumont said Oct. 7 Molyneux will buy the stock from shareholders including Executive Chairman Neo Kim Hock.

Read full report here.

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