SINGAPORE (May 30): The committal hearing for the three individuals charged for the October 2013 penny stock crash started on Wednesday.
According to prosecutors, 67 witnesses will be called, of which 13 will be cross-examined by the defence lawyers including the two who took the stand today.
Malaysian businessmen John Soh Chee Wen (centre) faces 189 charges ranging from witness tampering to fraud. He has been denied bail repeatedly and has been held in remand since November 2016.
Quah Su-Ling (left), former CEO of IPCO International, faces 178 charges. She is out on bail for $4 million.
Goh Hin Calm (right), former interim CEO of IPCO, faces six charges. He has been described as the “treasurer” of the operation.
The hearing is scheduled to end on Friday.
Authorities have earlier described this as the largest stock market manipulation in the history of Singapore.
The surge and subsequent crash of these three stocks: Blumont, Liongold and Asiasons Capital, which is now known as Attilan Group, wiped off $8 billion in market value.
