Back

Latest Forum Topics / Others

Post Reply

ABL Post Reply Rate topic
zhongkui Member	02-Jan-2020 23:36        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ken Tai under cross examination by the defence counsel today.   Q.  You have told so many lies that nobody is capable of discovering what the truth is coming from you anymore. Agreed? A.  Disagree. Q.  Do you agree you' ve told many lies? A.  Yes. Q.  Do you agree you' ve cheated? A.  Yes. Q.  And do you agree you' ve actively participated knowingly in market manipulation? A.  Yes. Q.  Do you agree you made millions of dollars out of your conduct? A.  Yes.   Q.  Let me ask you, for the period August 2012 to October 2013, in terms of commissions from IB and Saxo, can you estimate your total earnings? A.  Three-plus million for commissions. Q.  Okay, if we look at 3-plus million for about 15 months, it would work out to over $200,000 per month.  Am I right? A.  Yes, probably around there. Q.  2.4 million a year.  Am I right? A.  Yes.
Useful To Me  Not Useful To Me
zhongkui Member	23-Oct-2019 16:24        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Judge got angry with DPP for saying ' a little late' . DPP provided materials to court and defence late on Tuesday night that is relevant to the witness who is taking the stand on Thursday morning. DPP MR. TEO: Your Honour, if I may just address your Honour on the earlier issue that came up about disclosing or adducing the full exchange of phone messages between parties. I just want to clarify that we are seeking to admit only the phone messages that we say are relevant and for which we are relying on to prove our case. So that' s what we have asked the TCFB officers through CAD to reproduce in their reports. For the messages which are the subject matter of the latest section 23(1) notice, those are the messages between the witness Cheng Jo-Ee and Mr John Soh and the messages between her and Ms Quah Su-Ling. We have decided that we want to rely on the entire series of messages between these parties, and we want to show Ms Cheng these messages when she takes the stand. Ms Cheng is only going to take the stand, as my colleague has pointed out earlier, earliest in the next tranche next year. So my learned friends do have time to look at these messages. As for the messages between Ms Cheng Jo-Ee and Ms Ivy Tan -- so those are also the messages that we now want to rely on. We accept that it is coming a little bit late in the day because Ms Tan is taking the stand. JUDGE: It is very late in the day, Mr. Teo!
Useful To Me  Not Useful To Me
zhongkui Member	04-Oct-2019 20:05        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Some of the exchanges in court. Q.                    In fact, this -- you told them that you needed to churn this every T+5 right? A.                      I didn' t use the word " churn" . Q.                    Of course, you didn' t use the word " churn" but you told them it needed to be rolled over every T+5 right? A.                      Right. Q.                    But that' s not true. In a CFD you don' t need to roll it over am I right? A.                      Yes. Q.                    The only person who benefitted from this rolling over was you, with your commissions right? A.                      Commission, yes, but the intention initially wasn' t because of commissions. Q.                    Well, let' s see. Was there any benefit to them by rolling over when Saxo did not require them to roll over? A.                      No. Q.                    And who benefitted from the rolling over? A.                      Myself and Saxo. Q.                    And whose idea was it to roll over? A.                      Me. Q.                    Okay. So would I be correct to say, as far as the accounts -- the so-called proxy accounts in Saxo Bank is concerned -- perhaps I will put a series of propositions, then I will move on.                  There was no need to roll them over agreed? A.                      Yes. Q.                    You told John Soh and Quah Su-Ling and the -- we' ll take your word there' s only the two of them &ndash that there was a need to roll over every T+5 right? A.                      Yes. Q.                    That statement was untrue right? A.                      Yes. Q.                    And the persons who benefitted from that untruth were you and Saxo right? A.                      Right. Q.                    And the persons who suffered detriment by that untruth were the account holders who had to pay transaction costs every five days right? A.                      Well, I somehow agree. Q.                    Yes or no? A.                      Yes. Q.                    Mr Tai, there' s no word in the English language or no phrase in the English language that says " I somehow agree." You can agree or you can disagree clear? A.                      Yes.   Q.                    Do you agree that when you misled them about the need to do a rollover, you were, in fact, cheating them? A.                      I agree.   Q.                    Now, we will come to that after we get more data. I' m just going to ask you a general question. Did you at any time use the proxy accounts to carry out a pattern of trading to benefit your own Algo Capital Group account? I repeat the question. Read it carefully on the screen. Did you use the proxy accounts to carry out a pattern of trading? And when I use the word " trading" I include enter and delete orders, right, pattern of entering orders, to benefit your own Algo Capital Group account? Simple question. (Ken Tai kept silent for a long time and did not answer the question until the judge interrupted.) JUDGE: Mr Tai? A.                      I might have because some trades belongs to me. MR SREENIVASAN:                  You see, not a matter of " might have" , because I' m not talking about accidentally making money. I' m talking about deliberately, intentionally placing certain orders, and moving the market with the plan to make money in your own account? A.                      Yes.
Useful To Me  Not Useful To Me
zhongkui Member	04-Oct-2019 17:37        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Witness Ken Tai admits to market manipulation for his own gain   Pauline Wong, The Edge 04 October 2019   SINGAPORE (Oct 4): A witness in the trial of the alleged masterminds of the 2013 penny stocks crash, John Soh Chee Wen and Quah Su Ling, today admitted to manipulation of the stock market for his own gain.   However, the witness, former broker Ken Tai Chee Ming, said he is only admitting to manipulation in order to &ldquo make him [Senior Counsel N. Sreenivasan] happy&rdquo after a protracted and frustrating back-and-forth that ended only when Justice Hoo Sheau Ping intervened.   Tai, who was once part of Soh&rsquo s &ldquo inner circle&rdquo of brokers and remisiers, was first asked by Sreenivasan if he had ever used the proxy accounts allegedly linked to Soh to carry out a pattern of trading which would benefit his own accounts. Tai was silent for a while as he stared at the screen before him, appearing to be thinking about his answer until Hoo prompted him.   When he finally spoke, he crossed his arms and said, &ldquo I may have, because some trades belong to me.&rdquo Sreenivasan clarified that his question was not if Tai had &ldquo accidentally&rdquo made money off the trades, but if he (Tai) had ever &ldquo intentionally raised orders and moved the market&rdquo to benefit himself, to which Tai answered &ldquo yes.&rdquo   When pressed if his previous answer was a lie, Tai became defensive, and attempted to explain himself. &ldquo No, because in my account, some of the trades belongs to me which I come up [with] money to pay for it, and some of the trades, when John or Dick Gwee encouraged me to buy&hellip because John was a big promoter for these three stocks and when we ask him " Can we buy?" , he [would] say, " Ken, go make some money for yourself. It is okay."   Sreenivasan then pressed Tai again. &ldquo So you admit to deliberately placing orders with the plan to make money in your own account.&rdquo Tai repeated that he made some money on the trades but was interrupted by Sreenivasan again, who asked him to listen to the question.   At this juncture, deputy public prosecutor Teo Guan Siew interjected, pointing out that Sreenivasan appeared to be asking two different questions -- the first being whether Tai had used the proxy accounts to carry out a pattern of trading to benefit himself, and a second question which was about his own account to make money, to which Sreenivasan disagreed and said the witness had been &ldquo waffling&rdquo his answer instead.   Tai also tried to argue back, insisting that Sreenivasan explain the scenarios in which he (Tai) could&rsquo ve made money from manipulating the trades. Hoo then intervened, asking Tai if his answer was a yes or no.   &ldquo How I did it, I cannot say, because you never said how I did it?&rdquo Tai said, to which Hoo replied &ldquo If you said you did it, then it is [on you] to explain how you did it.&rdquo   At that, Tai simply shrugged and said, &ldquo Sorry, I really can' t describe because all I can say that I did benefit from the trades, but I didn' t really -- in the first place, all these proxy accounts, they are with me. How would I do that? Because I really can' t describe.&rdquo   When prompted by Hoo if his answer was still in the affirmative and that he did in fact manipulate the market, Tai fumbled and said, &ldquo Your Honour, I&rsquo m trying to be as honest as possible, I don&rsquo t want to [be in an] embarassing situation whereby they find [out] I said no...so I don&rsquo t want to hit that stage.&rdquo   &ldquo This is about whether you had a plan [to make money],&rdquo said Hoo. &ldquo I am not sure --but for the sake [of ] just making him (Sreenivasan) happy,&rdquo replied Tai, to which Hoo reminded him that he was on the stand to provide evidence and if he was not sure, he could think about his answer after lunch break.   Finally, Tai said &ldquo Then in this case, I am not sure about the answer.&rdquo   Tai, who is the first witness in the second tranche of witnesses in Soh and Quah&rsquo s trial, had previously testified to the inner workings of Soh&rsquo s scheme, including the use of " burner" phones, or crudely known as " bangla" phones, to communicate with others within the &lsquo inner circle&rsquo .   Soh, a bankrupt businessman, is accused of stock manipulation, cheating and witness tampering in relation to the October 2013 penny stock saga, when shares in three companies &ndash Blumont, LionGold and Asiasons Capital, now known as Attilan Group, rose sharply and crashed spectacularly in a matter of months. Quah, as his alleged co-conspirator, faces 178 charges of stock manipulation and cheating.   The hearing continues Monday (Oct 7).
Useful To Me  Not Useful To Me
zhongkui Member	01-Oct-2019 19:37        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	In court today, Ken Tai sold out other people and said another operator Tan Chin Hock is linked to the case. Question.                    Now, you have already described in a fair amount of detail the role of Henry Tjoa, Gabriel Gan and Leroy Lau in your condition statement so I will not ask you about them.  I do want to ask you about the rest. So Lincoln Lee.  Let' s start with him. What do you know about his involvement in the trading activities of John Soh and Quah Su-Ling?   Answer.                      Lincoln Lee was a remisier in Kim Eng Securities, Maybank Kim Eng, one of his client was (inaudible) on top of that other than service Edwin Sugiarto he was a third party line providers to Quah Su-Ling and John Soh, meaning that he would look for third parties to trade those shares that Quah Su-Ling and John Soh wanted them to trade.  And according to what Su-Ling mentioned to me, Lincoln has another group of market operators with him. This market operator is called Tan Chin Hock whereby they agreed to crisscross the trading to create more account, meaning that they will use Quah Su-Ling' s clients, or Quah Su-Ling proxies to trade Tan Chin Hock counters (inaudible) and use the head count from Tan Chin Hock to trade Quah Su-Ling' s counters, namely Blumont, (inaudible).
Useful To Me  Not Useful To Me
zhongkui Member	17-May-2019 23:40        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Penny stock crash: Soh&rsquo s counsel wants details on remisier with largest global trading limit https://www.malaymail.com/news/malaysia/2019/05/17/penny-stock-crash-sohs-counsel-wants-details-on-remisier-with-largest-globa/1754053
Useful To Me  Not Useful To Me
zhongkui Member	17-May-2019 00:21        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Penny stocks crash: Judge favours defence on clarity of 161 charges https://www.malaymail.com/news/malaysia/2019/05/16/penny-stocks-crash-judge-favours-defence-on-clarity-of-161-charges/1753606
Useful To Me  Not Useful To Me
zhongkui Member	17-May-2019 00:20        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Singapore penny stock crash: Prosecutor says 161 charges sufficiently clear https://www.malaymail.com/news/malaysia/2019/05/14/singapore-penny-stock-crash-prosecutor-says-161-charges-sufficiently-clear/1752864
Useful To Me  Not Useful To Me
zhongkui Member	17-May-2019 00:19        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Singapore penny stocks crash: Defence drills witness on clause E7 https://www.malaymail.com/news/malaysia/2019/05/13/singapore-penny-stocks-crash-defence-drills-witness-on-clause-e7/1752522
Useful To Me  Not Useful To Me
zhongkui Member	17-May-2019 00:18        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Singapore penny stock crash: Defence demands amendments to 161 charges https://www.malaymail.com/news/malaysia/2019/05/10/singapore-penny-stock-crash-defence-demands-amendments-to-161-charges/1751746
Useful To Me  Not Useful To Me
zhongkui Member	17-May-2019 00:17        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Penny stock crash: First private bank rep takes stand, reveals losses https://www.malaymail.com/news/malaysia/2019/05/08/penny-stock-crash-first-private-bank-rep-takes-stand-reveals-losses/1751008
Useful To Me  Not Useful To Me
zhongkui Member	17-May-2019 00:16        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	2013 penny stocks crash trial: Witness says took orders from accused https://www.malaymail.com/news/malaysia/2019/05/07/2013-penny-stocks-crash-trial-witness-says-took-orders-from-accused/1750655
Useful To Me  Not Useful To Me
zhongkui Member	17-May-2019 00:14        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Witness admits to " front running" practices in Singapore penny stock crash trial https://www.malaymail.com/news/malaysia/2019/03/29/witness-admits-to-front-running-practices-in-Singapore-penny-stock-crash-tr/1737882
Useful To Me  Not Useful To Me
zhongkui Member	17-May-2019 00:12        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	First witness called in Soh Chee Wen' s penny stock crash trial in Singapore https://www.malaymail.com/news/malaysia/2019/03/28/first-witness-called-in-soh-chee-wens-penny-stock-crash-trial-in-singapore/1737233
Useful To Me  Not Useful To Me
happyharvest Elite	27-Mar-2019 01:04        happyharvest About Contact  Quote this Post!
x 0   x 0  Alert Admin	doesn' t matter. even if case close, SGX exchange will continue to be dead.. nqing87      ( Date: 25-Mar-2019 21:45) Posted: dunno when the case will be finally close and with all convictions given.. it just give the signal to manipulators it is worth to manipulate shares, given how long it is to get convicted and the light penalty given (Goh given 36mths jail after a 5 year case)
Useful To Me  Not Useful To Me
nqing87 Supreme	25-Mar-2019 21:45        nqing87 About Contact  Quote this Post!
x 0   x 0  Alert Admin	dunno when the case will be finally close and with all convictions given.. it just give the signal to manipulators it is worth to manipulate shares, given how long it is to get convicted and the light penalty given (Goh given 36mths jail after a 5 year case)
Useful To Me  Not Useful To Me
Qanghoo Supreme	25-Mar-2019 21:33        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	So, are monkeys prancing ard wary of ' police' watching over them, given that one case alone takes so many yrs to unravel?  Obviously not.  Just party on lor ... what can regco do other than seemingly serving up the standard template of qns which seem to be so effortlessly dispensed of with also via a standard template of answers. Qanghoo      ( Date: 25-Mar-2019 21:15) Posted: This case, if convicted, shows the high level of sophiscation of alleged stock manipulation.  It also shows that policing such cases are manpower intensive n possible inadequacies in dealing with them given their sophistification n complexity n insuficient policing manpower.  Fact is, just this one case alone takes abt five n a half yrs to go to court n, in between, surely many many hours of painstaking n meticulous investigations.  So, what if there are other cases, which it wld surely be naive to assume that there aren' t, going on?  Are we, as a jurisdiction, even minutely adequate in dealing with them?  For me, it seems clear that there are monkeys aplenty prancing ard.  Sadly though is enforcement losing the fight against stock manipulation?  That, in a nutshell, is what ABL has brought to the fore front in my view.  zhongkui      ( Date: 25-Mar-2019 17:22) Posted: Penny scandal: Trial of alleged masterminds begins   Tay Peck Gek, Kenneth Lim 25 March 2019   SINGAPORE prosecutors opened the trial for Malaysian businessman John Soh Chee Wen and former Ipco International chief executive Quah Su-Ling on Monday, accusing the pair of masterminding a massive stock manipulation scheme that collapsed in the penny stock crash of October 2013.   Describing the case as the " most serious case of stock market manipulation in Singapore" , the prosecution told the Court that Soh and Quah drove up the share prices of Blumont Group, Asiasons Capital and LionGold Corp &ndash known collectively as BAL &ndash in the year leading up to the crash. They did so by " wash trading" shares of the three stocks within a secret web of 189 trading accounts held in the names of 60 individuals and companies, the prosecution said. Asiasons is now known as Attilan Group.   Those controlled accounts were behind 60 per cent of Blumont trades 88 per cent of the trades in Asiasons shares and 90 per cent of LionGold trades during the periods investigated, the prosecution said. Using BAL shares as collateral, the pair also obtained hundreds of millions of dollars of financing from financial institutions, prosecutors alleged.   " The appearance as to the market and price for BAL shares that was created by the accused persons was so utterly false that when the music eventually stopped and the bubble burst on Oct 4, 2013, the share prices of all three companies collapsed, each falling spectacularly by between 82 per cent and 94 per cent in just two days," the prosecution said in its opening address.   Soh and Quah each face 178 charges related to creating false markets, conspiring to deceive the financial institutions where the trading accounts were opened, and cheating financial institutions to obtain margin financing. Soh faces an additional three charges related to being concerned with the management of the BAL companies without permission as an undischarged bankrupt and a further eight charges related to witness tampering, bringing his total to 189 charges. Soh and Quah pleaded not guilty to the charges on Monday.   A third accused, former IPCO interim CEO Goh Hin Calm, pleaded guilty last week to two charges related to aiding the scheme and was sentenced to three years in prison. At Goh' s hearing, the prosecution said that brokerages had S$350 million of unpaid losses as at April 2018 that stemmed from financing backed by BAL shares.   The first tranche of the joint trial before Justice Hoo Sheau Peng goes into May for a total of about 24 days of hearings, with the second tranche of 52 days from August to November reserved.   The seven-strong prosecution, led by Deputy Public Prosecutor Peter Koy, has lined up 26 witnesses for the first part of the trial. Those witnesses include various brokerage representatives former analyst Ken Tai former remisier Gabriel Gan former LionGold executive Peter Chen Hing Woon and Adeline Cheng Jo-Ee, a former romantic partner of Soh.   Among the key pieces of evidence that the prosecution will present to court is a spreadsheet that the prosecution said was maintained by Goh to keep track of the allegedly controlled accounts.   The prosecution will also refer to telecommunication data that it said shows repeated communications between Soh and trading representatives operating controlled acounts. The prosecution said that Soh did not have any trading accounts under his name with those representatives, and the high volume communications &ndash more than 40,000 times over the relevant periods by Soh and Quah &ndash suggested that those communications were not " coincidence or mere casual conversation" .   Soh is represented by senior counsel N Sreenivasan of K& L Gates Straits Law, and Quah by Philip Fong of Eversheds Harry Elias.
Useful To Me  Not Useful To Me
Qanghoo Supreme	25-Mar-2019 21:15        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	This case, if convicted, shows the high level of sophiscation of alleged stock manipulation.  It also shows that policing such cases are manpower intensive n possible inadequacies in dealing with them given their sophistification n complexity n insuficient policing manpower.  Fact is, just this one case alone takes abt five n a half yrs to go to court n, in between, surely many many hours of painstaking n meticulous investigations.  So, what if there are other cases, which it wld surely be naive to assume that there aren' t, going on?  Are we, as a jurisdiction, even minutely adequate in dealing with them?  For me, it seems clear that there are monkeys aplenty prancing ard.  Sadly though is enforcement losing the fight against stock manipulation?  That, in a nutshell, is what ABL has brought to the fore front in my view.  zhongkui      ( Date: 25-Mar-2019 17:22) Posted: Penny scandal: Trial of alleged masterminds begins   Tay Peck Gek, Kenneth Lim 25 March 2019   SINGAPORE prosecutors opened the trial for Malaysian businessman John Soh Chee Wen and former Ipco International chief executive Quah Su-Ling on Monday, accusing the pair of masterminding a massive stock manipulation scheme that collapsed in the penny stock crash of October 2013.   Describing the case as the " most serious case of stock market manipulation in Singapore" , the prosecution told the Court that Soh and Quah drove up the share prices of Blumont Group, Asiasons Capital and LionGold Corp &ndash known collectively as BAL &ndash in the year leading up to the crash. They did so by " wash trading" shares of the three stocks within a secret web of 189 trading accounts held in the names of 60 individuals and companies, the prosecution said. Asiasons is now known as Attilan Group.   Those controlled accounts were behind 60 per cent of Blumont trades 88 per cent of the trades in Asiasons shares and 90 per cent of LionGold trades during the periods investigated, the prosecution said. Using BAL shares as collateral, the pair also obtained hundreds of millions of dollars of financing from financial institutions, prosecutors alleged.   " The appearance as to the market and price for BAL shares that was created by the accused persons was so utterly false that when the music eventually stopped and the bubble burst on Oct 4, 2013, the share prices of all three companies collapsed, each falling spectacularly by between 82 per cent and 94 per cent in just two days," the prosecution said in its opening address.   Soh and Quah each face 178 charges related to creating false markets, conspiring to deceive the financial institutions where the trading accounts were opened, and cheating financial institutions to obtain margin financing. Soh faces an additional three charges related to being concerned with the management of the BAL companies without permission as an undischarged bankrupt and a further eight charges related to witness tampering, bringing his total to 189 charges. Soh and Quah pleaded not guilty to the charges on Monday.   A third accused, former IPCO interim CEO Goh Hin Calm, pleaded guilty last week to two charges related to aiding the scheme and was sentenced to three years in prison. At Goh' s hearing, the prosecution said that brokerages had S$350 million of unpaid losses as at April 2018 that stemmed from financing backed by BAL shares.   The first tranche of the joint trial before Justice Hoo Sheau Peng goes into May for a total of about 24 days of hearings, with the second tranche of 52 days from August to November reserved.   The seven-strong prosecution, led by Deputy Public Prosecutor Peter Koy, has lined up 26 witnesses for the first part of the trial. Those witnesses include various brokerage representatives former analyst Ken Tai former remisier Gabriel Gan former LionGold executive Peter Chen Hing Woon and Adeline Cheng Jo-Ee, a former romantic partner of Soh.   Among the key pieces of evidence that the prosecution will present to court is a spreadsheet that the prosecution said was maintained by Goh to keep track of the allegedly controlled accounts.   The prosecution will also refer to telecommunication data that it said shows repeated communications between Soh and trading representatives operating controlled acounts. The prosecution said that Soh did not have any trading accounts under his name with those representatives, and the high volume communications &ndash more than 40,000 times over the relevant periods by Soh and Quah &ndash suggested that those communications were not " coincidence or mere casual conversation" .   Soh is represented by senior counsel N Sreenivasan of K& L Gates Straits Law, and Quah by Philip Fong of Eversheds Harry Elias.
Useful To Me  Not Useful To Me
zhongkui Member	25-Mar-2019 17:22        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Penny scandal: Trial of alleged masterminds begins   Tay Peck Gek, Kenneth Lim 25 March 2019   SINGAPORE prosecutors opened the trial for Malaysian businessman John Soh Chee Wen and former Ipco International chief executive Quah Su-Ling on Monday, accusing the pair of masterminding a massive stock manipulation scheme that collapsed in the penny stock crash of October 2013.   Describing the case as the " most serious case of stock market manipulation in Singapore" , the prosecution told the Court that Soh and Quah drove up the share prices of Blumont Group, Asiasons Capital and LionGold Corp &ndash known collectively as BAL &ndash in the year leading up to the crash. They did so by " wash trading" shares of the three stocks within a secret web of 189 trading accounts held in the names of 60 individuals and companies, the prosecution said. Asiasons is now known as Attilan Group.   Those controlled accounts were behind 60 per cent of Blumont trades 88 per cent of the trades in Asiasons shares and 90 per cent of LionGold trades during the periods investigated, the prosecution said. Using BAL shares as collateral, the pair also obtained hundreds of millions of dollars of financing from financial institutions, prosecutors alleged.   " The appearance as to the market and price for BAL shares that was created by the accused persons was so utterly false that when the music eventually stopped and the bubble burst on Oct 4, 2013, the share prices of all three companies collapsed, each falling spectacularly by between 82 per cent and 94 per cent in just two days," the prosecution said in its opening address.   Soh and Quah each face 178 charges related to creating false markets, conspiring to deceive the financial institutions where the trading accounts were opened, and cheating financial institutions to obtain margin financing. Soh faces an additional three charges related to being concerned with the management of the BAL companies without permission as an undischarged bankrupt and a further eight charges related to witness tampering, bringing his total to 189 charges. Soh and Quah pleaded not guilty to the charges on Monday.   A third accused, former IPCO interim CEO Goh Hin Calm, pleaded guilty last week to two charges related to aiding the scheme and was sentenced to three years in prison. At Goh' s hearing, the prosecution said that brokerages had S$350 million of unpaid losses as at April 2018 that stemmed from financing backed by BAL shares.   The first tranche of the joint trial before Justice Hoo Sheau Peng goes into May for a total of about 24 days of hearings, with the second tranche of 52 days from August to November reserved.   The seven-strong prosecution, led by Deputy Public Prosecutor Peter Koy, has lined up 26 witnesses for the first part of the trial. Those witnesses include various brokerage representatives former analyst Ken Tai former remisier Gabriel Gan former LionGold executive Peter Chen Hing Woon and Adeline Cheng Jo-Ee, a former romantic partner of Soh.   Among the key pieces of evidence that the prosecution will present to court is a spreadsheet that the prosecution said was maintained by Goh to keep track of the allegedly controlled accounts.   The prosecution will also refer to telecommunication data that it said shows repeated communications between Soh and trading representatives operating controlled acounts. The prosecution said that Soh did not have any trading accounts under his name with those representatives, and the high volume communications &ndash more than 40,000 times over the relevant periods by Soh and Quah &ndash suggested that those communications were not " coincidence or mere casual conversation" .   Soh is represented by senior counsel N Sreenivasan of K& L Gates Straits Law, and Quah by Philip Fong of Eversheds Harry Elias.
Useful To Me  Not Useful To Me
zhongkui Member	21-Feb-2019 14:43        zhongkui About Contact  Quote this Post!
x 0   x 0  Alert Admin	Many star witnesses from the market. Natural fo everyone to cover their own backside to save themselves.Play ping pong, push everything to other side.
Useful To Me  Not Useful To Me

                                                         First   < Newer   21-40 of 42   Older>   Last