SINGAPORE (Mar 27): Prosecutors at the penny stock saga trial of John Soh Chee Wen and Quah Su-Ling have asked the court to bar two individuals closely-linked to the defendants from attending the court proceedings -- if they are to be called as defence witnesses.
The two individuals are Quah Su-Yin, sister of Su-Ling, and Ronald Menon, husband of Su-Yin, both of whom are present at the public gallery today.
Su-Yin was the CEO of ISR Capital, one of the stocks allegedly manipulated by Soh. She was appointed to that role back in April 29, 2011.
She was also CEO and director of Infiniti Assets Management, which during the alleged period of stock manipulation, was the authorised person to give trading instructions to some of the accounts used.
Menon, on the other hand, is one of dozens of individuals who allowed Soh and Quah to trade shares via two brokerage accounts under his name. Back in June 2012, he subscribed for a placement by Blumont Group, one of the three stocks allegedly manipulated by Soh and Quah.
Deputy public prosecutor Peter Koy told the court today that he is concerned about Su-Yin and Menon’s presence at the proceedings. He asked if the defence is going to call them as witnesses.
In response, both Soh’s defence counsel N Sreenivasan and Quah Su-Ling’s defence counsel Philip Fong later said that they have “no intention” of calling Quah Su-Yin and Menon as witnesses, unless there are “further developments”.
Sreenivasan also asked if investigators have taken statements from Su-Yin and Menon.
In court on Wednesday afternoon, Koy revealed that there were indeed statements taken from Menon and Quah Su-Yin. He added that the prosecution had disclosed some statements from Menon to the defence counsels in May 2018, as part of the prosecution’s disclosure obligations.
On Dec 9, 2016, ISR Capital announced that it has been investigated by the Commercial Affairs Department and the Monetary Authority of Singapore. Less than a month later on New Year ’s Eve, Su-Yin resigned to “focus on family business”.
2013 Penny Stock Crash
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.
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For the latest updates on this developing story, visit http://dedge.news/crash
Don’t miss out on these highlights in the penny stock saga so far:
- 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
