SINGAPORE (May 17): Evidence in the trial of the alleged masterminds of the 2013 penny stocks crash on Friday showed that an employee of Quah Su-Ling, the second accused, had made cash payments for the implicated accounts held in brokerage firm Phillip Securities (PSPL).

PSPL assistant general manager Goh Chiu Goik confirmed that one Jumaat bin Adam had delivered cash payments at the cashiers of PSPL on behalf of eight accounts allegedly manipulated by John Soh Chee Wen and Quah, who was also the former CEO of IPCO International.

Soh and Quah are accused of the manipulation of three stocks -- Blumont Group, Asiasons Capital (now known as Attilan Group) and LionGold Corp – back in 2013, leading to the crash that wiped out $8 billion from the market. Soh faces 189 charges of stock manipulation, cheating and witness tampering and has been on remand since November 2016 while Quah faces 178 charges of stock manipulation and cheating.

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