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Defence lawyers for alleged masterminds attempt to pin 2013 penny stock crash on forced selling

Chan Chao Peh
Chan Chao Peh5/31/2018 08:13 PM GMT+08  • 4 min read
Defence lawyers for alleged masterminds attempt to pin 2013 penny stock crash on forced selling
SINGAPORE (May 31): The defence team for John Soh Chee Wen, Quah Su-Ling, and Goh Hin Calm – the trio facing trial for the October 2013 penny stock saga – in court today tried to prove that their clients were not responsible for the crash, which wiped
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SINGAPORE (May 31): The defence team for John Soh Chee Wen, Quah Su-Ling, and Goh Hin Calm – the trio facing trial for the October 2013 penny stock saga – in court today tried to prove that their clients were not responsible for the crash, which wiped out some $8 billion in market value.

On the second day of the three-day committal hearing, defence counsel N. Sreenivasan suggested that it could have been the forced selling of shares in the three companies – Blumont Group, LionGold Corp, and Asiasons Capital, which is now known as Attilan Group – that had caused the collapse.

A total of 67 prosecution witnesses will be called during the committal hearing. Reporting on the proceedings were initially restricted for the first day on May 30. The restrictions were subsequently lifted for today and tomorrow, and also backdated for the first day.

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