SINGAPORE (Mar 27): Ng Kit Kiat, a broker at OCBC Securities, was called as the first witness in penny stock crash trial on Wednesday, as the prosecution sought to reveal deeper insight into the details of the market manipulation scheme.

According to Ng, alleged 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su-Ling had slowly taken over control of a number of trading accounts that were later used to manipulate the market.

The accounts belonging to Kuan Ah Ming and ESA Electronics were first transferred to Ng in the 2000s. Kuan thereafter told Ng that he would introduce him to the chief executive officer of IPCO International as a client.

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