Procedures not followed
SINGAPORE (Apr 29): The penny stock crash trial resumed on April 22, with lawyers for the two alleged masterminds casting doubts on the testimonies of prosecution witnesses. Two witnesses, both brokers, have taken the stand so far. Jack Ng Kit Kiat and Alex Chew Keng Chiow are among the dozen or so brokers who executed trading orders in the shares that were allegedly manipulated. Over three days of hearings last week, they were also shown to have not followed proper procedures in managing clients’ accounts.
Malaysian businessman John Soh Chee Wen and his co-conspirator, former IPCO International CEO Quah Su-Ling, are on trial for orchestrating Singapore’s largest-ever case of share manipulation. Besides Ng and Chew, the prosecutors have lined up around 70 other witnesses in what is likely to be a long-drawn-out affair in court.
