Goh Hin Calm

IPCO office was 'admin centre' for penny stock manipulation, court told

SINGAPORE (Oct 14): The explosive revelations from the second tranche of witnesses in the trial of John Soh Chee Wen and Quah Su-Ling, the alleged masterminds behind the 2013 penny stock crash, do not appear to be dying down.

Witness testimony has revealed that the office of IPCO International appeared to be some sort of “administration centre” for the movement of funds in the scheme Soh and Quah allegedly orchestrated.

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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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Failed Innopac deal portends mining magnate Gutnick’s woes in Australia

SINGAPORE (May 20): The Australian Securities and Investments Commission (ASIC) is seeking judicial permission to wind down mining company Merlin Diamonds. The regulator is also probing into whether its chairman Joseph Gutnick failed in his duties.

Gutnick, who is known as “Diamond Joe”, is under investigation for a A$13 million ($12.3 million) loan made by Merlin to AXIS Consultants, a private company linked to him. Merlin shares have been suspended from trading since October 2018.

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Trial of John Soh starts on Monday; here's the backstory

SINGAPORE (Mar 22): The long-awaited trial of John Soh, the alleged mastermind behind the manipulation of shares in Blumont, LionGold and Asiasons Capital (now Attilan Group) back in 2013, will start on Monday.

Together with his alleged co-conspirator and girlfriend Quah Su-Ling, he will face evidence painstakingly assembled by investigators over the last five years, and testimony from some of his closest associates who were involved in the massive rise and sudden collapse of the three stocks which wiped out $8 billion from the Singapore market.

Hunting for the truth redux: Our coverage of the penny stock saga attracted threats and lawsuits

SINGAPORE (Mar 22): If there’s one story published by The Edge Singapore that I will never forget, it will probably be “Hunting for the truth” (Issue 641, Sept 1, 2014). The piece was intended to mark the first anniversary of the steep rise and sudden collapse of shares in Asiasons Capital, Blumont Group and LionGold Corp, an event that battered confidence in the local stock market and contributed to a subsequent slump in trading volumes.

Penny stock crash scandal's 'treasurer' sentenced to three years' jail

SINGAPORE (Mar 20): Goh Hin Calm, the “treasurer” for 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su Ling, has been sentenced to serve three years in prison for aiding and abetting the duo in what is the largest-ever market manipulation case seen in Singapore.

Goh, who was interim CEO of IPCO International (now known as Renaissance United), pleaded guilty to two charges pertaining to his involvement in the scandal, which wiped out $8 billion in market value.

Banks, brokerages incurred over $350 million in losses from penny stock crash

SINGAPORE (Mar 20): Banks, brokerages and other financial institutions suffered a total of more than $350 million in unpaid losses in the wake of the October 2013 crash of Blumont Group, LionGold Corp and Asiasons Capital (now known as Attilan Group), according to prosecutors.

Two stock market manipulation precedents invoked as prosecutors call for 3-year sentence for Goh Hin Calm

SINGAPORE (Mar 20): State prosecutors have called for Goh Hin Calm to be jailed a total of three years, after taking into account two sentencing precedents involving stock market manipulation.

The alleged “treasurer” in the 2013 penny stock crash, Goh on Wednesday pleaded guilty to two charges under Section 197 of the Securities and Futures Act.

The prosecution called for a sentence of three years’ imprisonment for each of the charges, with the two sentences to run concurrently.

MAS reports $16.8 mil in fines imposed over past 18 months in very first enforcement report

SINGAPORE (Mar 20): In the 18 months to Dec 2018, the Monetary Authority of Singapore (MAS) secured one criminal conviction, issued 19 prohibition orders and imposed fines totalling $16.8 million.

This according to the very first Enforcement Report published by Singapore's financial regulator.

During the period under review, MAS also issued 37 reprimands, 31 letters of advice, 223 warnings and 444 supervisory reminders.

MAS plans to release a new Enforcement Report every 18 months.

Alleged 'treasurer' Goh Hin Calm to testify against Soh, Quah

SINGAPORE (Mar 8): The trial of the largest case of stock market manipulation in Singapore’s history was to have started on March 11. But in a twist of events at the 11th hour, Goh Hin Calm, one of the three defendants, has become a witness for the prosecution, pushing back the scheduled dates of the trial, The Edge Singapore understands.

Goh, who was formerly interim CEO of IPCO International (now known as Renaissance United), allegedly acted as the “treasurer” for John Soh Chee Wen, the alleged mastermind of the operations, and his alleged co-conspirator, Quah Su-Ling.

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