SINGAPORE (Feb 27): Justice Hoo Sheau Peng has dismissed the latest bail bid by alleged penny stock crash saga mastermind John Soh Chee Wen, citing grounds of flight risk and danger of witness tampering.
Soh currently faces 188 charges, with infringements spanning across the Criminal, Companies, and Futures and Securities Acts.
He is alleged to be the mastermind behind the steep rise – and sudden fall – of shares in Blumont Group, LionGold Corp and Asiasons Capital (now called Attilan Group) in 2013.
Hoo also notes that some of these charges, in what was earlier described by authorities as “the largest market manipulation case in Singapore’s history”, are non-bailable offences.
In court today, Hoo agreed with the prosecution that Soh poses a flight risk, as the Malaysian businessman has no family ties in Singapore.
While investigations were underway in 2016, Soh had also claimed to have travelled freely in and out of Singapore.
However, Hoo says a check with the Immigration and Checkpoints Authority (ICA) showed “no evidence” of Soh entering and leaving the country.
“[Soh] has ways and means to leave Singapore undetected,” Hoo says.
While Soh submits that he did not abscond during the long period of investigation, Hoo counters that there has been a material change of circumstances – additional charges have been raised against Soh since then.
In addition, Hoo also shares the prosecution’s view that Soh had tampered with a witness.
This comes after prosecutors had produced recordings of conversations between Soh and a former DMG broker, Gabriel Gan.
The recordings, made surreptitiously by Gan, captured Soh and Gan discussing what to do in the event the investigators from the Commercial Affairs Department came calling.
The conversations had also demonstrated that Gan had received money from Soh.
“There is some evidence of tampering over a considerable period of time,” says Hoo. “Should [Soh] be granted bail, there is a considerable chance of tampering. This further tilts the balance against the grant of bail.”
Addressing the point brought forward by Soh’s defence lawyers that the team faced limitations in preparing for the trial while he is kept in prison, Hoo views that Soh will have adequate access to counsel and writing materials.
Hoo also notes that the Singapore Prison Service will consider any of Soh’s request.
“[Soh’s] counsel have highlighted that the trial is likely to be lengthy, and as such, his time in remand will be lengthy. I urge that the parties give priority to this matter. Expedited trial dates can be sought,” says Hoo.
Soh was arrested on Nov 24, 2016, and has been held in remand ever since.
Following the ruling in court today, Soh’s counsel, S Balamurugan from Straits Law, says the option to file an appeal against the denial of bail is open. He adds that they will be taking instruction from their client.
