Quah Su-Yin

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.

SGX RegCo orders ISR Capital to seek shareholders' approval for waiver of condition

SINGAPORE (Jan 10): Singapore Exchange Regulation (SGX RegCo) has ordered the ISR Capital to hold an extraordinary general meeting (EGM) as soon as possible to seek shareholder approval for the waiver of condition related to its acquisition of a mining concession in Madagascar.

SGX RegCo also said that the US$10 million to US$15 million preliminary estimates provided by ISR Capital would have to be adjusted and updated over time as the numbers were derived by chairman Chen Tong based on his mine development experience and through discussions with consultancies.

ISR Capital spurns SGX request to seek shareholder nod for waiver of condition for acquisition

SINGAPORE (Jan 3): ISR Capital has rejected a call by Singapore Exchange for the company to seek shareholder approval for the waiver of a condition precedent to its acquisition of a Madagascar mining asset.

In a Wednesday night response, ISR insisted shareholder approval was not required as the waiver was not prejudicial to the interest of the shareholders and would not have an adverse impact on the company and the potential development or operation of the commercial production of the target company and the mining asset.

ISR Capital plunges 76.4% on opening at resumption of trading

SINGAPORE (March 6): Shares of ISR Capital opened at 3 cents after resumption of trading on Monday.

This is 76.4% lower that its closing price of 12.7 cents before the stock was suspended on Nov 27.

In The Edge Singapore (Issue 769) which is on sale now, we said the stock could be in for a rough ride this week.

Why ISR Capital could be in for a rough week ahead

SINGAPORE (March 3): It remains to be seen whether shares in ISR Capital will continue falling when they begin trading again.

What is clear though is that a total crash in the stock could put the acquisition of the rare earth mining concession in jeopardy.

Second independent director quits ISR Capital

SINGAPORE (Dec 5): ISR Capital has announced the resignation of its second independent director in less than a week.

On Monday, ISR said that Levin Lee Keng Weng, who chairs the company’s remuneration committee, has resigned on Dec 3, “due to family commitments”.

Lee joined ISR’s board earlier this year on Feb 1. Within less than half a year on July 29, he tried to tender his resignation but was asked by the company to stay till a replacement could be found, said ISR in its Dec 5 announcement.

SGX suspends trading of ISR Capital shares to 'safeguard market interest'

SINGAPORE (Nov 27): Citing the need to “safeguard the interest of the market”, the Singapore Exchange has suspended the trading of ISR Capital shares with immediate effect.

In a filing released at 10.04pm on Sunday evening, SGX says there are “circumstances that prevent trading in the shares of this company on an informed basis”.

“We are reviewing the trading activities in the meantime,” says SGX.

“The suspension will be lifted only when SGX is satisfied that the company’s shares can be traded on a fair, orderly and transparent basis,” it adds.

John Soh Chee Wen and Quah Su-Ling charged in largest market manipulation scheme in Singapore’s history

SINGAPORE (Nov 25): John Soh Chee Wen and Quah Su-Ling have been identified as the “masterminds” behind what authorities described as “the largest market manipulation case in Singapore’s history”.

Soh and Quah on Friday were charged for “orchestrating a massive fraud”, according to a joint statement by the Attorney-General’s Chambers, Commercial Affairs Department, and Monetary Authority of Singapore.

Prosecutors say the pair had devised a scheme to manipulate the shares of Blumont Group, LionGold Corp and Asiasons Capital, which is now known as Attilan Group.

John Soh, Quah Su-Ling and Goh Hin Calm set to be charged

SINGAPORE (Nov 25): Three key figures involved in the penny stock saga of October 2013 are expected be charged on Friday afternoon at the State Courts.

They are John Soh Chee Wen, who has earlier been described by prosecutors as the mastermind behind the whole affair, as well as Quah Su-Ling and Goh Hin Calm, respectively the former CEO and interim CEO of IPCO International.

The three were reportedly arrested on Thursday morning by the Commercial Affairs Department (CAD).

ISR admits that partner at advisory firm engaged for rare earths deal is director of vendor


SINGAPORE (Aug 16): ISR Capital has admitted that a partner of the corporate advisory firm it has engaged for a major acquisition is also a director of the vendor in the deal.

In a filing late on Sunday, in response to queries from the Singapore Exchange, ISR said that Empire Capital partner Timothy Morrison was also a director of REO Magnetic. This is contrary to information ISR had given SGX only four weeks ago. And, it raises questions about conflicts of interest in ISR's bid to turn itself into a rare earths mining company.

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