Home News 2013 Penny Stock Crash

CGS-CIMB, DBS Vickers deny knowledge of unauthorised third-party instructions

Benjamin Cher
Benjamin Cher10/18/2019 07:00 AM GMT+08  • 3 min read
CGS-CIMB, DBS Vickers deny knowledge of unauthorised third-party instructions
SINGAPORE (Oct 21): Representatives from CGS-CIMB Securities and DBS Vickers Securities who testified in court on Oct 15 denied knowledge of unauthorised third-party instructions in the trading of stocks related to the 2013 penny stock crash.
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SINGAPORE (Oct 21): Representatives from CGS-CIMB Securities and DBS Vickers Securities who testified in court on Oct 15 denied knowledge of unauthorised third-party instructions in the trading of stocks related to the 2013 penny stock crash.

Taking the stand at the trial of John Soh Chee Wen and Quah Su-Ling, the alleged masterminds behind the market manipulation scandal, the representatives in their respective conditioned statements said they would have rejected Soh as an authorised third party.

Voo Wai Lum, regional head of compliance at CGS-CIMB, pointed to adverse media reports on Soh in the period just before the penny stock crash; DBS Vickers’ Sim Han Kiang said Soh would not have been approved as an authorised operator based on the brokerage’s screenings.

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