SINGAPORE (May 17): Evidence in the trial of the alleged masterminds of the 2013 penny stocks crash on Friday showed that an employee of Quah Su-Ling, the second accused, had made cash payments for the implicated accounts held in brokerage firm Phillip Securities (PSPL).
PSPL assistant general manager Goh Chiu Goik confirmed that one Jumaat bin Adam had delivered cash payments at the cashiers of PSPL on behalf of eight accounts allegedly manipulated by John Soh Chee Wen and Quah, who was also the former CEO of IPCO International.
Soh and Quah are accused of the manipulation of three stocks -- Blumont Group, Asiasons Capital (now known as Attilan Group) and LionGold Corp – back in 2013, leading to the crash that wiped out $8 billion from the market. Soh faces 189 charges of stock manipulation, cheating and witness tampering and has been on remand since November 2016 while Quah faces 178 charges of stock manipulation and cheating.
Goh said the firm kept records of all cash payments delivered to the cashiers at PSPL and confirmed that Jumaat Adam was not an authorised person for any of those accounts. He also did not have a relationship with the account holders that the firm was aware of. Jumaat, a despatch clerk employed by IPCO, is one of the prosecution witnesses who have yet to be called to the stand.
During examination-in-chief by Deputy Public Prosecutor Nicholas Tan, Goh said the payments had been for the losses incurred in the trading accounts belonging to Idris bin Abdullah, Edwin Sugiarto, James Hong Gee Ho, Lee Chai Huat, Richard Chan Sing En, Neo Kim Hock, G1 Investment and Goh Hin Calm, who is a known associate of Quah’s. Goh Hin Calm acted as the "treasurer" to the alleged stock manipulation scheme. He pleaded guilty in March to charges of aiding and abetting in the scheme and was sentenced to three years in jail. Hong and Neo were former Blumont top executives.
Later, under cross examination by Quah’s lawyer Philip Fong, Goh agreed that she did not personally witness Jumaat signing the cash payment forms, nor did she see him filling up the forms.
“Could the person who filled in the forms be, in fact, not Jumaat Adam?” asked Fong. “I have no reason to believe it is not Jumaat Adam,” said Goh.
Hearing resumes on Tuesday before Justice Hoo Sheau Peng.
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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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
- 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
