2013 penny stock crash

Penny stock-linked Magnus Energy's past transactions under spotlight as dissenting minorities call for EGM

SINGAPORE (Nov 25): A group of minority shareholders of Magnus Energy shot down all the resolutions put forward at the recent annual general meeting on Oct 30. They ousted three of the directors and blocked the reappointment of the external auditor as well as the mandate to issue shares to raise funds or pay director's fees.

Second tranche ends in stir with 'pregnancy plot', hostile witness

SINGAPORE (Nov 4): The second tranche of hearings in the trial of John Soh Chee Wen and Quah Su-Ling ended with a bang last week as the court heard details of a pregnancy plot and also saw its first hostile prosecution witness.

Soh and Quah are the alleged masterminds behind the massive rise and collapse of shares in Blumont Group, LionGold Corp and Asiasons Capital (now Attilan Group), which wiped out some $8 billion in market value in 2013.

Pregnancy plot

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Prosecution seeks to impeach 'hostile witness'

SINGAPORE (Oct 31): The prosecution in the trial of alleged 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su-Ling has made applications to cross examine former Phillip Securities remisier Joe Tiong Sing Fatt as a “hostile witness”.

A hostile witness is one who deviates from prior statements made to law enforcement officers and gives evidence favouring the accused persons.

Taking the stand this week, Tiong had proven to have been an uncooperative witness.

Justice Hoo Sheau Peng has approved the application.

Witness makes series of contradictory statements, blames 'undue stress'

SINGAPORE (Oct 30): Joe Tiong Sing Fatt, a witness in the trial of alleged 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su-Ling, in court on Wednesday was caught making a series of contradictory statements.

The former Phillip Securities remisier had told the Commercial Affairs Department (CAD) that he had only met Quah once before, at a corporate function.

However, Tiong had in court also revealed that he met Quah at a meeting at LionGold Corp – one of the three counters at the centre of the alleged penny stock manipulation scheme.

John Soh's ex-lover took 'extreme actions,' witness reveals

SINGAPORE (Oct 29): Adeline Cheng Jo-Ee, the ex-girlfriend of alleged 2013 penny stock crash mastermind John Soh Chee Wen, would often take “extreme actions” against people she dislikes or felt betrayed her, prosecution witness Ivy Tan Ai Bee reveal in court on Tuesday.

“[Cheng] always threatened to give people legal letters,” Tan said under cross-examination by Philip Fong, managing director of Eversheds Harry Elias. Fong is the lawyer for Quah Su-Ling, Soh’s alleged co-conspirator and romantic partner.

Alleged penny stock mastermind John Soh target of pregnancy plot, defence counsels suggest

SINGAPORE (Oct 25): The defence counsels for John Soh Chee Wen and Quah Su-Ling, the alleged masterminds behind the 2013 penny stock crash, in court on Friday sought to suggest that prosecution witness Ivy Tan Ai Bee was more than just a “personal assistant” to Soh’s former romantic partner.

Tan is described as the PA to Adeline Cheng Jo-Ee, the ex-girlfriend of Soh and owner of Alethia Asset Management.

Details of jealousy, 'love triangle' woes emerge as prosecution digs into phone messages

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”.

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Court hears of 'empire' building dreams amid love triangle woes with John Soh

SINGAPORE (Oct 24): The former personal assistant to Adeline Cheng Jo-Ee, the former romantic partner of alleged 2013 penny stock crash mastermind John Soh Chee Wen, revealed in court on Thursday that she had suspected that Cheng’s company was involved in the manipulation on stocks.

Prosecution witness Tan Ai Bee (main image), also known as Ivy, testified that she had worked with Cheng in her company, Alethia Asset Management – a small scale asset management firm.

Lawyers clash over 'incomplete' disclosure of data retrieved from phones linked to market manipulation scheme

SINGAPORE (Oct 23): The defence counsels of John Soh Chee Wen and Quah Su-Ling in court on Wednesday clashed with state prosecutors over the “incomplete” disclosure of messages and data retrieved from three mobile phones believed to be linked to the manipulation of shares in the 2013 penny stock crash.

Soh and Quah are the alleged masterminds 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.

Witness admits brokerage did not conduct internal investigation into accounts despite CAD, MAS probe

SINGAPORE (Oct 22): Maybank Kim Eng Securities did not conduct internal investigations into accounts under broker Ong Kah Chye, even after receiving probes from the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS), a representative of the brokerage admitted in court on Tuesday.

These accounts under Ong are believed to have been part of a web of trading accounts used by alleged masterminds John Soh Chee Wen and Quah Su-Ling to manipulate shares in Blumont Group, LionGold Corp and Asiasons Capital (now Attilan Group) in the 2013 penny stock crash.

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