THE Government has appointed Stuart Crosby, Securities and Futures Commission assistant director (enforcement), to lead a probe into a two-year old share deal in Asia Securities International (ASIL). The deal, in which Asia Securities Ltd - the parent company of ASIL - and Quatro Enterprises sold off 60 million ASIL shares, may have given rise to breaches of the takeover code, the Government said yesterday. Ownership of the tranche of shares may have been the key to exercise of control of ASIL in the past two years, according to the SFC, which recommended the appointment. Mr Crosby, who has been appointed under Section 33 of the disclosure legislation is to investigate and report on the ownership of shares in the group. The scope of the investigation is limited to the tranche of 60 million shares sold by Asia Securities and Quatro Enterprises to Wong Sheu-chui following an agreement dated June 28, 1991. Although the deal was two years ago, when the number of shares issued had swollen to 575.82 million through the creation of one-for-10 bonus shares, the investigation comes when the question of ownership is again top of the agenda. It also increases to three the number of investigations involving the property and investment firm. Last month, two days after Lippo's Hongkong China subsidiary mounted a takeover bid for Asia Securities, Chinachem stepped in with a counterbid, valuing the firm at $1.15 billion against the Lippo pricetag of $968 million. Deals on the open market giving Lippo a majority stake sparked off concern at Chinachem, and the SFC was called in to scrutinise the deals on June 1. Chinachem's counter-bid for Asia Securities was effectively blocked when Hongkong China increased its stake in Asia Securities to 50.32 per cent by buying 91.9 million shares on the open market. The third probe in which Asia Securities is involved is the investigation into Allied Group that began last August.