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ACRA, MAS, SGX RegCo jointly announce new guidance for companies to hold AGMs

SINGAPORE (Mar 31): The guidance for companies to provide safe distancing measures when conducting annual general meetings (AGMs) has been refined further amid the ongoing novel coronavirus (Covid-19) pandemic.

This comes after the Ministry of Law and the Ministry of Finance today announced that they will introduce legislative provisions at the Parliament sitting in April.

These legislative provisions intend to give “legal certainty” for companies to hold AGMs in compliance with the Ministry of Health’s safe distancing measures.

MAS eases monetary policy as Singapore heads into a recession

SINGAPORE (Mar 30): The Monetary Authority of Singapore (MAS) has eased monetary policy – in line with expectations – as Singapore’s economy weighs down from the impact of the Covid-19 pandemic.

In its latest half-yearly monetary policy review on Monday, the MAS said it is reducing the rate of the Singapore dollar’s appreciation to zero, at the prevailing level of the Singapore Dollar Nominal Effective Exchange Rate (S$NEER).

The move is effectively a re-centering of the mid-point of the policy band to a lower level while keeping the width of the policy band unchanged.

Govt steps up support for local workforce amid Covid-19 outbreak: MOM

SINGAPORE (Mar 20): In light of the novel coronavirus (Covid-19) outbreak, the Singapore government has stepped up support for businesses to retain, recruit and reskill workers for new jobs.

This is according to the Ministry of Manpower (MOM), following the release of its Job Vacancies 2019 report today.

MOM says that the Stabilisation and Support Package announced at Budget 2020 will help workers retain their jobs.

Abettor-turned-prosecution witness Tjoa admits to witness tampering, lying to CAD

SINGAPORE (Mar 4): Prosecution witness Henry Tjoa, the former Phillips Securities remisier who was once part of the “inner circle” of brokers used by alleged masterminds John Soh Chee Wen and Quah Su-Ling, in court on Wednesday admitted to witness tampering and lying to the Commercial Affairs Department (CAD).

Tjoa was one of the brokers and remisiers allegedly used by the duo to manufacture the massive rise of shares in LionGold Corp, Blumont Group and Asiasons Capital (now Attilan Group).

Bankrupted remisier Tjoa admits to making commissions of more than $1 mil in a year from market rolling operations

SINGAPORE (Mar 3): Former Phillip Securities remisier Henry Tjoa admitted to raking in some $1 million in commissions from rolling the shares of LionGold Corp, Blumont Group and Asiasons Capital (now Attilan Group) over the course of a year.

However, taking the stand today as a prosecution witness in the trial of alleged 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su-Ling, Tjoa said he was unsure of the exact amount he pocketed.

How GST-registered remisier Tjoa went broke trading for Soh, Quah

SINGAPORE (Feb 28): A new prosecution witness Henry Tjoa, who used to be a top remisier with Phillip Securities before he was bankrupted by the October 2013 penny stock crash, has taken the stand in the long-running trial of John Soh Chee Wen and co-accused Quah Su-Ling.

The Court heard how Tjoa, an Indonesian citizen who also goes by the name Husein Tjoa Sang Hi, was declared a bankrupt after he could not repay Phillip Securities trading losses amounting to more than $17 million when he acted as a remisier for Soh and Quah. 

John Soh claimed ex-SGX chief regulator Teng fed him updates on CAD probe: Prosecution witness

SINGAPORE (Feb 18): Former abettor-turned-prosecution witness Ken Tai Chee Ming in court on Feb 18 alleged that Richard Teng, the former chief regulatory officer of the Singapore Exchange (SGX), was feeding information to penny stock crash mastermind John Soh Chee Wen.

At the time of the crash in October 2013, Teng was the deputy chief regulatory officer at SGX.

Prosecution witness Ken Tai earned $8,588 worth of commissions in a day from 'churning' LionGold shares, defence counsel claims

SINGAPORE (Jan 17): Prosecution witness Ken Tai Chee Ming on Friday admitted that he had raked in thousands of dollars’ worth of commissions in a single day from the trading of shares in LionGold Corp.

This revelation comes despite Tai having repeatedly denied during the trial that he had made unauthorised trades to rake in more commissions for himself.

Tai was once part of the “inner circle” of brokers and remisiers used by John Soh Chee Wen and Quah Su-Ling to allegedly manipulate shares in LionGold, Blumont Group and Asiasons Capital (now Attilan Group).

Witness Ken Tai claims to have left queues in the system not for own benefit but to prevent 'haunted counters'

SINGAPORE (Jan 16): Prosecution witness Ken Tai Chee Ming has again denied making unauthorised trades as a market operator for shares in LionGold Corp in order to churn commission for himself.

The former broker was once part of the “inner circle” of brokers and remisiers used by John Soh Chee Wen and Quah Su-Ling to allegedly manipulate shares in LionGold, Blumont Group and Asiasons Capital (now Attilan Group).

The massive rise and sudden collapse of the shares in October 2013 had wiped out some $8 billion in market value.

Prosecution witness Ken Tai admits to using omnibus accounts to hide illegal 'wash trades'

SINGAPORE (Jan 10): Prosecution witness Ken Tai Chee Ming has admitted to using omnibus accounts to prevent authorities from detecting his illegal “wash trading” activities.

Further, Tai revealed that he had engaged in this practice even though John Soh Chee Wen and Quah Su-Ling – the alleged masterminds behind the 2013 penny stock crash, whom Tai was supposedly taking instructions from – had specifically ordered him to avoid wash trades.

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