Sino Australia Oil and Gas Limited
(ASX:SAO) has denied claims it is under criminal investigation by the Australian Federal Police.
The oil drilling services company says media reports incorrectly stated the AFP has executed search warrants against the company.
The search warrants were reportedly in relation to an investigation into market manipulation and false trading in its shares.
Sino Australia has however noted it is being investigated by Australia’s corporate watchdog ASIC in relation to the trading in its shares, and that a search warrant was issued.
The company states it does not know against whom the warrant had been executed and ASIC has not spoken to the company about these issues.
Sino Australia Oil and Gas reported a net profit of $8.4 million in the 2013 calendar year.
