SINGAPORE (Oct 28): After a slow start to the week, excitement in the trial of John Soh Chee Wen and Quah Su-Ling — the alleged masterminds behind the 2013 penny stock crash — rose to a climax of sorts towards the end of the week as the personal assistant of Soh’s former romantic partner, Adeline Cheng Jo-Ee, took the stand on Oct 24 and 25.

Prosecution witness Ivy Tan Ai Bee worked for Cheng at Alethia Asset Management, a small-scale asset management firm owned by the latter. Tan said she left the company because it was “not acting as an actual fund management firm”.

According to Tan, the first hint of dubious activity emerged when she was appointed a director of Alethia shortly after joining the company. Cheng told her this was because the firm required at least two directors with relevant experience in order to obtain the capital market licence needed to register as a fund management company. Tan says she believed Cheng had difficulties obtaining her representative licence.

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