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.

Goh said the firm kept records of all cash payments delivered to the cashiers at PSPL and confirmed that Jumaat Adam was not an authorised person for any of those accounts. He also did not have a relationship with the account holders that the firm was aware of. Jumaat, a despatch clerk employed by IPCO, is one of the prosecution witnesses who have yet to be called to the stand.

During examination-in-chief by Deputy Public Prosecutor Nicholas Tan, Goh said the payments had been for the losses incurred in the trading accounts belonging to Idris bin Abdullah, Edwin Sugiarto, James Hong Gee Ho, Lee Chai Huat, Richard Chan Sing En, Neo Kim Hock, G1 Investment and Goh Hin Calm, who is a known associate of Quah’s. Goh Hin Calm acted as the "treasurer" to the alleged stock manipulation scheme. He pleaded guilty in March to charges of aiding and abetting in the scheme and was sentenced to three years in jail. Hong and Neo were former Blumont top executives.

Later, under cross examination by Quah’s lawyer Philip Fong, Goh agreed that she did not personally witness Jumaat signing the cash payment forms, nor did she see him filling up the forms.

“Could the person who filled in the forms be, in fact, not Jumaat Adam?” asked Fong. “I have no reason to believe it is not Jumaat Adam,” said Goh.

Hearing resumes on Tuesday before Justice Hoo Sheau Peng.

2013 Penny Stock Crash

John Soh Chee Wen is the alleged mastermind behind the penny stock crash of 2013, which prosecutors have called “the most audacious, extensive and injurious market manipulation scheme ever in Singapore”.

Together with his alleged co-conspirator and girlfriend Quah Su-Ling, Soh and his associates are alleged to have been behind the massive rise and sudden collapse of shares in Blumont Group, LionGold Corp and Asiasons Capital (now Attilan Group), which wiped out some $8 billion in market value.

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