1. 
   
   If there is really any wrong doing, we should have seen directors or companies being charged. So far nothing happened yet. Well, there  is still  a possiblity that regulators have yet to find any solid evidence but will charge the companies later.
2. 
   
   Even if regulators have yet to found solid evidence, the directors and senior managers should have made use of the chance to escape before the regulators find any evidence.  None of the directors or managers ran.  Thus most likely than not, there is no actual wrong doing.
3. 
   
   Rather, it is more likely to be the case that  that the Trio  are involved in some grey-area  " wrong-doing" . Meaning, the trio are  playing with  legal loopshole to get unfair disadvantage. Hence even knowing it is wrong, the regulators could not charge them. Regulators could only review market regulation to prevent similar incident in the future. At least  this is the message I inferred from an email reply I got from SGX. The following is the second paragraph quoted from the email:

" To share an update with you, we are currently working with the Monetary Authority of Singapore (MAS) and other stakeholders to conduct an extensive review of the activities surrounding these stocks. This review also includes a broader spectrum of our market structure and practices which MAS and SGX intends to review thoroughly."

Full copy of the email is as follows. I once posted it on Blumont's thread. Much of the email content is a cut and paste from another official email to media when the trio incident first occurred, except for second paragraph which I quoted above.

Rosesyrup Master

12-Dec-2013 00:49         About Rosesyrup         Contact           Quote!                 Yells: " Get your own opinion, don't follow blindly."

x 0 x 1 Alert Admin

Dear Mr XXX XXX, I refer to your feedback to SGX on the 3 suspended stocks in October 2013. To share an update with you, we are currently working with the Monetary Authority of Singapore (MAS) and other stakeholders to conduct an extensive review of the activities surrounding these stocks. This review also includes a broader spectrum of our market structure and practices which MAS and SGX intends to review thoroughly. As a regulator, SGX had taken the necessary steps and used the 3 main regulatory tools: query the respective companies on the unusual and irregular trading activity, suspend the stock and designate the stock at the appropriate time. These steps were taken after careful consideration of the interest of the market and its players to ensure that a fair, orderly and transparent market. The designation of the 3 stocks came after evaluating the context and deciding that the designation was to remove any excessive speculation in the market and permit market forces to determine the market prices. We note your concerns and your interests in understanding more about the reviews that are currently being conducted. However, all investigations have to be kept confidential as releasing information prematurely could jeopardise the integrity of the investigation. We would also like to clarify that investigations into trading of a particular stock does not equate to the presence of wrongdoing, nor does every investigation lead to conviction. Hence, it would be unfair if a public announcement of an investigation might bring down the reputation of the stock of any individual party. We seek your understanding on this matter and request for your patience while we continue working on a thorough review of this matter. Thank you. Yours sincerely, Lynette Choong Manager Retail Customer Experience Singapore Exchange Limited Email : [email protected]

investormind      ( Date: 20-Dec-2013 23:42) Posted: Now everyone waiting for sgx lah.......created big ho ha..n accidentally kill the market  ,   designated it, then release it by saying stablize liao.........market cheers n I too jump in too......but later seen not calibrated with mas   Oppss....need to open for further check ah .....& %#$% starlene      ( Date: 17-Dec-2013 22:39) Posted: Amy comment on LionGold being undervalued?Extracted from another forum Originally Posted by puntforlife http://infopub.sgx.com/Apps?A=COW_Co...larat_JORC.pdf liongold is a mystery... why no one dare to take this private... liongold through its web of vested interest has reserves worth 7.5m ounces... if u dig everything up at $1200 per ounce also worth $11.25B. If profit margin of digging it up is 10% also got $1.25B total net asset $231M if u write off 50% of capitalized exploration expenditure its still $161M liongold market value now 941m shares * $0.172 = $161M i offer 20% premium and take it private $200M... i own $1.25B worth of future profit WHY NO ONE COME BUY LIONGOLD... *FRUSTRATED AND PULLING WHAT IS LEFT OF MY HAIR OUT* Hit a high of 178