Axington shares tumble 20% after Loh cousins’ company admits to doctoring Obama photo

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A picture distributed by Bellagraph Nova Group that purports to show its owners meeting former US President Barack Obama.

SINGAPORE – Shares of Catalist-listed professional advisory services group Axington lost more than 20 per cent on Monday (Aug 24) following news that its new owners, Singapore-based investors Nelson Loh and Terence Loh, were co-founders of a company that had admitted to doctoring photos of former United States president Barack Obama.

Formerly known as Axcelasia, the company’s stock plunged as much as 22 per cent within minutes of Monday’s opening bell and was down 20 per cent or 4.5 cents at 18 cents a share as of about 3pm.

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