The Securities and Futures Commission is collecting financial information on debt-ridden Moulin Global Eyecare Holdings, according to a source close to the watchdog. The SFC will decide whether to conduct a full investigation or transfer the case to the Commercial Crime Bureau after the firm clarifies its financial position and responds to queries made by its former auditor, the source said. Moulin, the world's third-largest eyewear maker, is preparing an announcement and hopes to issue it soon, said Christopher Howe, managing director of Anglo Chinese Corporate Finance, Moulin's financial adviser. Anglo Chinese is helping Moulin negotiate a debt restructuring agreement with eight banks that called in loans worth a combined $329 million in May. Moulin is also in technical default of a separate $750 million syndicated loan. The source told South China Morning Post that the SFC started to keep a close watch on the company after its two attempts to raise funds earlier this year ended in failure. In February, Moulin cancelled a $520 million share placement after investors snubbed the offer. In April, it called off a $320 million convertible bond issue. 'The commission started to worry about the company due to its frequent fund-raising activities. It showed signs of being an entity in dire need of cash,' the source said. The source said the SFC stepped up its monitoring of Moulin after Deloitte Touche Tohmatsu resigned as its auditor in April over apparently misplaced funds and concern over internal controls. The source said the SFC had not launched a full investigation but had asked Moulin's management to explain the records in question and explain its debt position. 'The company will be allowed to resume trading only if it can provide a clear explanation,' the source said.