SINGAPORE (Jan 8): Prosecution witness Ken Tai Chee Ming conceded in court on Wednesday that John Soh Chee Wen, the alleged mastermind behind the 2013 penny stock crash, did not explicitly tell him to lie to the Commercial Affairs Department.
According to Tai, he had gone with Husein Tjoa to see Soh, when they heard that CAD had launched an investigation into the stock market crash of Oct 4, 2013.
Tai had earlier claimed in his conditioned statement that Soh had told him to “sing to the tune”.
Soh’s defence lawyer, senior counsel N Sreenivasan of K&L Gates Straits Law, on Wednesday cross-examined Tai on this incident of alleged witness tampering.
When they then asked Soh what kind of reasons they should give to the authorities, Tai claims that Soh had told them: “Just say that you have authority to trade. You have the discretion to trade, or you push it to the Malaysians.”
“Did John use words like ‘lie to the CAD’?” Sreenivasan asked. “Did he say ‘mislead the CAD’?”
To both questions, Tai admitted that Soh had not told him to do so.
“Did he tell you to cover up for Dick Gwee?” Sreenivasan continued. “Did he tell you to make up stories about the butterfinger trades?”
Again, Tai answered “no” to both questions.
“All the lies that you have been telling are lies that John Soh did not instigate,” Sreenivasan suggested.
“He asked me to exclude him,” Tai insisted.
Sreenivasan also put to Tai that, according to Tjoa’s statement, this incident had occurred in October 2013 at the Shangri-La, rather than the LionGold Office in December 2013 as Tai described.
He then challenged Tai that either one of them had gotten it wrong, or both of them did.
While Tai agreed that one of them might have gotten it wrong, he said it was “possible but unlikely” that both had gotten it wrong. “John even briefed us what is the reason why CAD was investigating us,” he added.
“From what we have heard in the court in the last four days, you have been guilty of market manipulation yourself,” observed Sreenivasan.
Sreenivasan in court on Wednesday also confirmed that there will be a formal impeachment of Tai as a witness.
The trial will resume on Thursday with Sreenivasan wrapping up his cross-examination of Tai, before Quah Su-Ling’s defence counsel, Phillip Fong of Eversheds Harry Elias, begins his cross-examination.
What the 2013 Penny Stock Crash trial is about
John Soh Chee Wen is the alleged mastermind behind the penny stock crash of 2013, which prosecutors have called “the most audacious, extensive and injurious market manipulation scheme ever in Singapore”.
Together with his alleged co-conspirator and girlfriend Quah Su-Ling, Soh and his associates are alleged to have been behind the massive rise and sudden collapse of shares in Blumont Group, LionGold Corp and Asiasons Capital (now Attilan Group), which wiped out some $8 billion in market value.
Subscribers can click here to read our 8-page special pullout on the penny stock crash trial.
Don’t miss out on these highlights in the penny stock saga so far:
Third tranche of witnesses (From Jan 2, 2020)
- Witness Ken Tai admits to cheating alleged masterminds, making millions of dollars in market manipulation scheme
- John Soh threatened to 'run down' integrity of witnesses, claims former abettor Ken Tai
- Prosecution witness Ken Tai denies making unauthorised trades to churn commission
Second tranche of witnesses (Oct 1, 2019 to Oct 31, 2019)
- John Soh trial resumes with a peek into deceit, betrayal in 'inner circle'
- Prosecution witness Ken Tai reveals more stock brokers involved in 'market rolling' web
- More tales of jealousy, betrayal emerge in penny stock trial
- Witness Ken Tai 'disgusted' by the way boss John Soh treated his closest allies
- Witness Ken Tai admits to market manipulation for his own gain after lengthy cross-examination
- IPCO office was 'admin centre' for penny stock scandal, witness reveals
- Prosecution witness reveals Quah Su-Ling seldom in IPCO office; says took instructions mostly from Goh Hin Calm
- CGS-CIMB, DBS Vickers deny knowledge of unauthorised third-party instructions
- Overseas calls from Malaysian phone number to Singapore 'traceable,' Singtel representative reveals
- Witness admits brokerage did not conduct internal investigation into accounts despite CAD, MAS probe
- Lawyers clash over 'incomplete' disclosure of data retrieved from phones linked to market manipulation scheme
- Court hears of 'empire' building dreams amid love triangle woes with John Soh
- Alleged penny stock mastermind John Soh target of pregnancy plot, defence counsels suggest
- John Soh's ex-lover took 'extreme actions,' witness reveals
- Witness makes series of contradictory statements, blames 'undue stress'
- Prosecution seeks to impeach 'hostile witness'
First tranche of witnesses (March 11, 2019 to May 24, 2019)
- John Soh, alleged mastermind behind penny stock crash arrested; to be charged on Friday
- John Soh, Quah Su-Ling and Goh Hin Calm set to be charged
- John Soh Chee Wen and Quah Su-Ling charged in largest market manipulation scheme in Singapore’s history
- Charges slapped on masterminds of penny stock scheme cast new light on old reports
- Prosecutors confirm links between ISR Capital and John Soh
- John Soh-linked ISR Capital’s CEO Quah Su Yin resigns
- Penny stock saga’s alleged mastermind John Soh denied bail; faces total of 188 charges
- John Soh could face longest-ever jail term for financial crime in Singapore
- John Soh's legal team from WongPartnership discharges itself
- John Soh's 'treasurer' Goh quits as interim CEO of IPCO
- Defence lawyers for alleged masterminds attempt to pin 2013 penny stock crash on forced selling
- 2013 penny stock crash case to go to trial
- Alleged 'treasurer' Goh Hin Calm to testify against Soh, Quah
- Penny stock crash scandal's 'treasurer' sentenced to three years' jail
- Goh Hin Calm confirmed as prosecution witness as penny stock crash trial kicks off
- The charismatic bankrupt who allegedly pulled the strings behind Singapore's largest stock manipulation scandal
- Inner workings of penny stock scandal revealed by first prosecution witness
- Prosecution witness coached by investigating officer, claims John Soh's lawyer
- Quah Su-Ling's lawyer accuses prosecution witness of 'inventing evidence', front-running
- Ex-remisier admits to conducting trades without third-party authorisation from account holders
- Ex-remisier Ng denies being coached; RHB trader Alex Chew admits to telling the whole truth only in third statement
- 'Fearful' prosecution witness admits even third statement might not have been the whole truth
- John Soh gave presentation on 'mothership' Blumont at LionGold's offices, says prosecution witness Andy Lee
- Prosecution witness Lee accused of lying and concealing facts in court
- New witness claims Quah Su-Ling was 'hysterical' when asked about settlement of losses
- More telephone records reveal Quah's hand behind trades; private bank Coutts wrote off $4.7 mil from penny stock crash
- Witness shocked by alleged breaches in trading regulations
- SGX restrictions could have caused 2013 penny stocks crash, says Lim & Tan director
- John Soh's former girlfriend had full control of bank account used in trading, court hears
- Quah's employee delivered cash payments for 8 accounts, court hears
- Witness cites 'clerical oversight' as defence alleges lack of anti-money laundering checks
- Ex-Maybank Kim Eng dealer admits Soh gave orders on trades in 3 accounts
- Counsels argue over how witnesses' conditioned statements were prepared and used
- Witnesses say John Soh, Quah Su-Ling directed 2013 stock manipulation trades
