SINGAPORE (Mar 14): Goh Hin Calm, one of the three individuals charged in relation to the October 2013 penny stock saga, has resigned from his job as the interim CEO of IPCO International.
Goh has been described by prosecutors as a “treasurer” to the share manipulation activities of mastermind John Soh Chee Wen and his girlfriend, Quah Su Ling – herself a former CEO of IPCO.
See: IPCO says interim CEO Goh Hin Calm arrested by CAD
See: John Soh, Quah Su-Ling and Goh Hin Calm set to be charged
All three individuals were charged back in November 2016 and are awaiting trial, which might begin later this year. Soh remains on remand while Quah and Goh are out on bail.
There have been significant changes at IPCO recently. On Feb 27, Carlson Clark Smith, was sacked from his job as the chief financial officer of the company. Earlier, on Jan 19, he was removed from his position as executive director of the company at an extra ordinary general meeting called by new controlling shareholder James Blythman.
See: IPCO’s board receives written EGM requisition from shareholder Blythman
Smith, who has been with IPCO since 2002, was accused “misconduct”, such as neglecting to visit the company’s overseas businesses and for not informing the board that his passport has been impounded by the police.
See: IPCO sacks CFO Carlson Smith on grounds of misconduct
Blythman, a 33-year-old Australian, assumed control of the company last year when he paid for 880 million new shares at 0.18 cents each. With just $1.584 million, Blythman is the largest IPCO shareholder with a stake of 14.24%.
As of Oct 31 2017, IPCO has a net asset value of two cents.
Year to date, IPCO shares have remained flat at 0.2 cent.
