IPCO International

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.


Renaissance United says revised share subscription plan again rejected by SGX

SINGAPORE (Oct 4): Renaissance United, the former IPCO International, says Singapore Exchange has rejected the revised application for a planned subscription agreement of new shares in the company.

See: Penny stock saga-linked IPCO International renames as Renaissance United

John Soh named in US suit filed against former IPCO International

SINGAPORE (May 16): Renaissance United, the renamed IPCO International, has been sued in the US state of Washington by an entity called Renovatio LLC.

Soh Chee Wen is named as one of the co-defendants in the civil suit as well. Also known as John Soh, he is now standing trial with his co-accused Quah Su Ling, former CEO of IPCO International, for being the alleged masterminds behind the manipulation of three penny stocks -- Blumont Group, Asiasons Capital (now called Atillan Group) and LionGold Corp -- back in 2013.

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 saga-linked IPCO International renames as Renaissance United

SINGAPORE (Oct 30): Shareholders of IPCO International, one of the nearly dozen companies linked to penny stock saga of 2013, has approved the change of name to Renaissance United.

Shareholders who own a total of just over 1.4 billion shares and who were present at an extraordinary general meeting on Oct 30, voted unanimously in favour of the name change.

After Innopac, John Soh-linked IPCO looks to raise funds

SINGAPORE (Oct 9): IPCO International, the company linked to John Soh, the alleged mastermind of the 2013 penny stock crash, has announced it is actively looking to raise funds from a third-party investor via a placement or rights issue.

See: Perhaps it should've been called the 2013 great penny stock manipulation

This comes after another Soh-linked company Innopac last night announced it was selling 8.4 billion new shares to investors.

Ipco slapped with 2 writs of summons by ex-interim CEO Goh Hin Calm

SINGAPORE (July 2): Ipco International said it was served with two writs of summons from lawyers acting for the company’s former interim CEO Goh Hin Calm, who will be going on trial for his alleged involvement in the penny stock crash of Oct 2013.

See: Three-day committal hearing into 2013 penny stock crash starts

Ipco sounds FY18 loss warning

SINGAPORE (June 28): Ipco International, the turnkey contractor in the oil & gas industry, expects to post a net loss for the 2018 fiscal year ended April.

In a filing this morning, Ipco attributed the expected loss to the impairment of intangible assets and the translation effect on the operations of the group's foreign currency denominated subsidiaries.

The group is releasing its FY18 financial results on or before June 30.

Ipco shares closed at 0.2 cent on Wednesday.

2013 penny stock crash case to go to trial

SINGAPORE (June 1): The three individuals accused of being the masterminds behind the October 2013 penny stock crash will go to trial, the Singapore court decided on Friday.

The three-day committal hearing saw 13 out of 67 witnesses cross-examined by defence lawyers. The three individuals are Malaysian businessmen John Soh Chee Wen, Quah Su-Ling, former CEO of IPCO International, and Goh Hin Calm, former interim CEO of IPCO.

IPCO reports 82% fall in 3Q earnings to $0.98 mil; Seattle development runs into problems

SINGAPORE (Apr 13): IPCO International, whose former management and board has been accused for misusing its placement proceeds, reported an 81.7% fall in 3Q earnings ended Jan to $975,000 from $5.33 million a year ago.

Total revenue rose 51.3% to $18.5 million from $12.2 million a year ago. ESA Electronics recorded higher sales of $3.9 million mainly due to higher demand for burn-in boards by semi-conductor manufacturers in the current quarter.

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