2013 penny stock crash

Briefs

SINGAPORE (July 15): “Just imagine Churchill allowing this humiliating, servile, sycophantic indulgence of the American president’s ego to go unchallenged.”British opposition Labour Party’s shadow foreign secretary Emily Thornberry. She was criticising Boris Johnson, widely expected to become the next UK prime minister, for not supporting Kim Darroch, until recently the UK’s ambassador to the US, who had described US President Donald Trump in diplomatic cables as ‘inept’ .

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Attilan in RTO deal to transform into entertainment content producer despite delisting notice

SINGAPORE (June 27): Attilan Group, which has received a notice to delist from the Singapore Exchange on June 4, may get a new lease of life given the company is in talks with Tremendous Opportunity Fund I LP for the proposed reverse takeover of Tremendous Entertainment Group (TEG).

TEG is a producer of family entertainment content comprising broadcast, live and interactive exhibitions. Its broadcast unit produces Hi-5, the popular preschool children’s TV programme while TEG’s subsidiary Base Entertainment Asia manages the theatre at the Marina Bay Sands.

ISR signs MOU with Shenzhen-listed company to start talks on joint development of Tantalum mine

SINGAPORE (June 24): ISR Capital, which is on the Singapore Exchange watch-list, is to start talks with a China company to develop its rare earth concession in Africa.

JLC lawyer Jeffrey Ong faces 13 more charges; none linked to Allied Tech

SINGAPORE (June 20): Jeffrey Ong Su Aun might be the managing director of law firm JLC Advisors. But as details of his escape to Malaysia were revealed, it would not have been difficult to imagine the 41-year-old as a character in a novel by his namesake, Jeffrey Archer.

In court on June 20, Ong faced 13 fresh charges of forgery for the purpose of cheating, bringing the total number of charges he faces to 22.

Ong is alleged to have falsified a series of documents to deceive one Chan Yi Zhang into believing that US$4.9 million ($6.6 million) was still held in escrow by JLC.

'Missing' JLC lawyer Jeffrey Ong arrested and charged

SINGAPORE (June 10): Jeffrey Ong Su Aun, the managing partner of law firm JLC Advisors, who had been uncontactable since May 20, has been apprehended and charged. Ong, 41, was arrested in Malaysia and sent back to Singapore on May 30.

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Why we should hold on to quarterly reporting

SINGAPORE (June 10): One of the last things we used to do before closing each issue of The Edge Singapore in our early days was hammer out a little column called “Behind the Stories”. As its name suggests, its purpose was to explain why we had pursued the key stories in our pages in any given week, and provide some additional context and insight for which there might not have been room in the stories themselves.

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More excitement expected as second part of John Soh, Quah Su-Ling trial kicks off in Aug

SINGAPORE (May 31): The trial of John Soh Chee Wen and Quah Su-Ling, the alleged masterminds behind the 2013 penny stock crash, has been adjourned after five consecutive weeks of hearing. But it is expected to get more exciting when the hearing resumes in August.

So far, a number of prosecution witnesses have been compelled, under cross-examination, to admit to have lied or told half-truths. At best, they appeared unsure and admitted to flouting procedures.

Allied Technologies' missing funds turn spotlight on past acquisitions

SINGAPORE (June 3): When news broke that Jeffrey Ong, managing partner of law firm JLC Advisors, had disappeared with $33 million from an escrow account maintained by Allied Technologies at JLC, it seemed like an all too familiar story.

In 1997, lawyer Geoffrey Heng went missing with $3.2 million; in 2004, Sivakolunthu Thirunavukarasu disappeared with $2.4 million. In 2006, David Rasif, the father of DJ Jade Rasif, absconded with $11 million of his clients’ monies. The following year, Zulkifli Amin took $6 million of clients’ monies.

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Closing in

The first part of the penny stock trial has ended. When the hearing resumes in August, witnesses closer to the two alleged masterminds, John Soh and Quah Su-Ling, will be called to testify.

SINGAPORE (June 3): Despite his purple prison garb and being accused of masterminding the most serious case of market manipulation in the history of Singapore’s stock market, John Soh Chee Wen looks at ease in the dock.

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Annica chairman Ong quits just as $33 mil goes missing at his law firm JLC

SINGAPORE (May 27): Jeffrey Ong, managing partner of law firm JLC Advisors, may have given instructions to pay out a sum of $33.2 million held in escrow by his firm for a client, Allied Technologies. According to Allied’s statement filed with Singapore Exchange on May 23, the payment may have been “unauthorised”, citing a letter it received from JLC on May 22. Allied’s statement did not specify who the payment was made to.

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