SINGAPORE (Oct 11): Prosecution witness Chiam May Ling, the former human resource officer at IPCO International, has revealed that alleged 2013 penny stock crash co-conspirator Quah Su-Ling was seldom at the IPCO office, despite being its then chief executive.
In court on Oct 10, Chiam and another witness, former IPCO company driver Najib Mohamed Najib Abdul Rashid, had identified the office as an “admin centre” of sorts for the movement of funds in the scheme.
Chiam had revealed that a spreadsheet of all the bank account holders’ details and the cheques issued, along with the cheque books, were kept in a safe in IPCO’s office.
Chiam added that she Goh Hin Calm, the former interim CEO of IPCO, had maintained and updated the spreadsheet whenever cheques were issued from these accounts.
See: IPCO office was 'admin centre' for penny stock scandal, witness reveals
Goh has been described as the “treasurer” for alleged masterminds Quah and John Soh Chee Wen in the 2013 penny stock crash. He was sentenced to three years’ imprisonment in March for his role in the market manipulation scheme.
However, under cross examination by defence lawyers on Oct 11, Chiam admitted Quah was seldom in the IPCO office – the so-called “admin centre” of the operations.
Soh’s lawyer, senior counsel N. Sreenivasan of K&L Gates Straits Law, asked Chiam if she was aware where Quah was working from.
Chiam replied that she wasn’t sure, but suggested that Quah could be working from home or at other offices.
“Maybe at LionGold office,” Chiam said. She added that she knew about the other offices because IPCO’s despatch clerk, Jumaat Bin Adam, would go to these offices to see Quah.
In response to another question by Sreenivasan, Chiam confirmed that Quah can speak in Hokkien, and said she had heard Quah conversing in Hokkien interspersed with English.
“We occasionally can hear her speak Hokkien at company events when she talk to the guests,” said Chiam.
Later, Quah’s lawyer, Sui Yi Siong, asked if Chiam thought Quah could be working out of IPCO subsidiary ESA Electronics, to which Chiam replied that Quah could have been.
Sui, a senior associate at Eversheds Harry Elias, also asked if Chiam was Goh’s secretary or personal assistant.
Chiam explained that she was not just a personal assistant as she also had other duties. However, she revealed that she mostly took instructions from Goh – and seldom from Quah.
Chiam was also present when the Commercial Affairs Department raided the IPCO office, and saw officers searching the safe holding the chequebooks and spreadsheet
Earlier in the day, she had been called on by the prosecution to identify and decipher the handwriting on the photocopies of cheques issued to cover contra losses at the various brokerages.
Jumaat, the IPCO despatch clerk, also took the stand on Oct 11.
Jumaat, along with former IPCO driver Najib, were earlier in the trial identified as the despatch riders who would settle contra losses by former brokers Jack Ng Kit Kiat and Alex Chew Keng Chiow.
In his conditioned statement, Jumaat had outlined how he would deposit or encash cheques at various local broking houses. He had also once met Neo Kim Hock, the former Blumont Group chairman, at the airport to collect a cheque issued to him.
However, when he was questioned by both defence counsels, it was clear that Jumaat had little knowledge of the documents he was couriering or why he was depositing or encashing the cheques to pay the various brokerage houses.
The trial resumes on Oct 15.
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:
Second tranche of witnesses (starting Oct 1, 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
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
