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John Soh story

Just look at B'world from 20/30 cents rise to current 2.3+++ dollars height ? Al' mineral pop up all the way to 30+++, just to name few. Each counters rise or fall depends on CK, Bbs, SSH, speculators and so on.

Look at Loy's drop and drop and drop ?? Why SGX no queries ? Look at Nam Cheong also drop and drop ? There are many more of such counters !!! Mostly counters drops do not have queries, while it shot up then get lots of queries and dampened it.

Always lose within 1 means, buy a stock which you are prepare to consider it as bad debts then shut it. All others are just a facades to bring the counters Px north and south only.

Recent classic case, NICO Steel, ISR just look at their chart and you know it's under punters stock.

Cheers, relax the weekend.

 

Singapore and Malaysia have never enjoyed good stock trading relations.

Ex-MCA president Tan Koon Swan was jailed in Singapore for (I think 2 years) CBT with regards to the collapse of Pan Electric. (circa 1986)

CLOB saga which ex-PM Dr Mahatir had a hand to " rob" naive  Singaporean investors. (1998)

Datuk John Soh who mastermind the penny stock crash in 2013.

Obviously, there are many people acting in concert with John Soh. He alone can' t pull it off. And the scary thing is, these people are still free and roaming in the market today. So, be very careful and alert  when we tread the stock market. Full of sharks.

 

tiltonhall      ( Date: 14-Apr-2017 20:56) Posted: This is dirty crook from Malaysia. As black and dirty as they come. Hope they jail him for 42 years.

 

ABL + any new one coming ?

 

if kenna jail it should not  be any longer than those in the recent Church case.

 

This is dirty crook from Malaysia. As black and dirty as they come.

Hope they jail him for 42 years.

 

Summary of the story

1) John Soh is still in custody since Nov 24 2016

2) He is being made reference to Chia Teck Leng, now serving 42 years jail for commercial crimes.

3) Companies reportedly related or manipulated by John Soh or his cronies includes Asiasons, Blumont, LionGold, ISR Capital, IPCO. (Did I miss Innopac?)

4) He is represented by Tan Chee Meng, best remembered to have successfully gotten Ng Boon Gay off the hook.

Sharksaurs      ( Date: 14-Apr-2017 10:50) Posted: No bail, more charges 6 March 2017 Alleged stock manipulator John Soh Chee Wen failed in his bid to be allowed bail this past week and was slapped with a further seven charges. Prosecutors also provided a glimpse of what is to come at his trial. Chia Teck Leng, a former accountant at Asia Pacific Breweries, made history 13 years ago when he was convicted of cheating four banks of $117 million and sentenced to 42 years? jail. His name was mentioned in court submissions by public prosecutors on Feb 28 objecting to John Soh Chee Wen?s application to be allowed bail. Chia?s name was invoked to drive home the seriousness of Soh?s alleged crimes, the consequences he could face and, hence, his likely motivation to abscond. ?He potentially faces the longest custodial term ever imposed for financial crime in Singapore,? the prosecution team led by deputy senior state counsel Teo Guan Siew stated in its Feb 28 submission. Soh was among some 70 people that the Commercial Affairs Department (CAD) and Monetary Authority of Singapore began investigating in April 2014 for their roles in the rigging of shares in Blumont Group, LionGold Corp and Asiasons Capital (now Attilan Group). The three stocks suddenly collapsed in October 2013, vapourising more than $8 billion in combined market value. Soh was arrested on Nov 24 last year and slapped with 181 charges the following day. He has been held in custody ever since. The charges included six of ?aggravated cheating?. Specifically, Soh is alleged to have swindled Goldman Sachs International and Interactive Brokers LLC of more than $170 million ? significantly more than Chia?s haul of $117 million. Soh apparently used the money to fund a network of proxies to manipulate shares in Blumont, LionGold and Asiasons. Besides Soh, two other individuals were charged. Quah Su-Ling, former CEO of IPCO International and Soh?s alleged girlfriend, was hit with 178 charges. Goh Hin Calm, interim CEO of IPCO International and an alleged ?key assistant? of Soh and Quah, was slapped with six charges. Goh is out on bail of $750,000, while Quah is out on bail of $4 million. In objecting to Soh?s bail application, prosecutors provided evidence that he has the knowledge and means to enter and leave Singapore illegally. They also stated that he had been involved in the manipulation of shares in ISR Capital (see accompanying stories). On top of that, the prosecutors said investigations had uncovered evidence that Soh had tampered with witnesses ?on an extensive, methodical and sustained basis?. And, if he were released on bail, there is a real danger that he would continue to tamper with witnesses and pervert the course of justice, they added. Associates turning on Soh? On Feb 28, prosecutors charged Soh with seven counts of witness tampering, bringing the total number of charges he faces to 188. The basis of these new charges came from three witnesses who were associates of Soh. They included two trading representatives, Gabriel Gan and Ken Tai, and a one-time employee of LionGold, Peter Chen. All three individuals provided their statements on Dec 12, 2016, after Soh had been in remand for three weeks. Their statements gave an interesting glimpse into how Soh operated. When things did not go his way, he often cursed and threatened. But he could also turn on the charm, assuring those who had lost money doing his bidding that he would take care of them. The witness statements also cast more light on the relationship that some of the players in the penny stock crash story had with Soh. For instance, Tai was previously reported to have been CEO of a firm called Algo Capital, and had traded the penny stocks that eventually collapsed via accounts with Interactive Brokers held in the names of individuals that included Quah and Chen. According to affidavits cited by the prosecutors, Tai was told by Soh as early as December 2013 that if Tai was called up for investigations, he should say that he had been given ?standing instructions? to trade on behalf of his clients, thereby hiding the fact that his trades were actually made on the instructions of Soh and Quah. After Soh was himself hauled up for questioning, he jotted down a summary of what he told the investigators. He then gave Tai the document. ?In language one might expect from a mafioso, the accused told Ken Tai to ?sing to the tune? of this document,? the prosecutors stated, citing an unreleased affidavit from a CAD officer. According to prosecutors, when Soh was presented with the document, he did not deny he was the author but accused Tai of having stolen it. ?This is an audacious falsehood conjured up out of desperation,? said the prosecutors. ?Tellingly, it is also inconsistent with the accused?s own evidence that he had nothing to do with the trading activity in the accounts managed by Ken Tai. If that were so, there would be no reason for Ken Tai to steal the document from the accused.? In his affidavits, Soh accused Tai of having ?an axe to grind? as he had refused Tai?s request to help recover trading commissions for certain transactions. The prosecution said these claims were ?incredulous?. ?Even if Ken Tai had sought the accused?s help, a mere refusal would not lead him (or anyone) to steal documents and fabricate evidence against the accused.? Meanwhile, Chen is widely known to have once held a senior position at LionGold, and has been in the news promoting the company?s mining investments. He was also the holder of 15 brokerage accounts that the prosecutors say were used by Soh and his associates to manipulate shares in Blumont, LionGold and Asiasons. On Feb 28, the prosecutors also described Chen as someone who had handled Soh?s personal affairs for the past decade. Citing affidavits of investigators, the prosecutors alleged that Soh had told Chen not to admit that he was Soh?s nominee, and that Soh had threatened Chen, saying his lawyers ?will tear you down?. Soh also related to Chen what he had told CAD and wanted Chen to ?go along with those lines?. ?The evidence of Peter Chen corroborates that of Ken Tai, and vice versa,? noted the prosecution. Perhaps the most colourful evidence of Soh?s witness tampering came from audio recordings of conversations between himself and Gan. Prosecutors said the recordings were found on Gan?s laptop during investigations related to ISR. According to the prosecutors, Gan had originally told CAD he had received trading instructions from Quah via a certain mobile number. Soh subsequently told Gan to change his story and tell the CAD he could not confirm if Quah used that number. In one recording, Gan was heard reporting to Soh that he had changed his statement as instructed. ?Very good,? Soh said. Prosecutors also revealed that Soh gave Gan more than $500,000, purportedly to cover the trading losses sustained by Gan under Soh?s instructions. In the audio recordings, Soh was heard promising Gan money. ?The minute I have a bit more, I will... I get more collection, I give to you... $3,000, $5,000, whatever sum, I give you first.? Name dropping The recordings may also have caught Soh making references to several other players in the penny stock saga. At one point, as Soh encouraged Gan to disavow knowledge of any incriminating evidence, he suggested that Gan blame individuals who were outside Singapore. ?You just push to KL,? Soh said. ?I don?t know! Nelson or Kuan Yew asked me to do it!? One Nelson Fernandez and one Lim Kuan Yew are identified in charge sheets as holders of a number of trading accounts allegedly used by Soh and Quah. Fernandez held seven accounts with five brokerages. He was also a shareholder of an entity called Acadian Mining, which was acquired by LionGold in 2013. Fernandez was also owner of Belvedere Inc, which bought a 70% stake in Sun Spirit Group, a subsidiary of IPCO International, in December 2013. Lim held four accounts with three brokerage firms. He was also managing director of Magnus Energy Group from March 2008 to September 2014. He subscribed to a private placement of Blumont in June 2012. In another segment of the recordings, Soh was heard saying: ?I?m quite confident that we can get somewhere between sa, gor million [three to five million] cash. What is our priority? My priority is all our close group, Su Ling lah, you lah, James lah, Neo lah. Maybe about 10 or 15 people lah. You paid a heavy price lah, but still alive one lah.? An individual named James Hong Gee Ho, who resigned as an executive director of Blumont in July 2014, had 11 accounts under his name used by Soh and Quah, according to the charge sheets. Another individual named Neo Kim Hock had been executive chairman of Blumont between November 2003 and May 2014. For their part, Soh?s lawyers told the court that his being held in custody presented challenges in preparing his defence. For instance, Soh had been refused space to store necessary documents, and written communication from Soh to his lawyers has to be vetted by the prison authorities, which takes three to five days. Soh also has to speak to his lawyers through a glass panel. ?The difficulties we face are real,? Soh?s lawyer Tan Chee Meng of WongPartnership told the court on Feb 28. Tan also told the court that Soh is ready to accept any bail condition so that they can properly prepare for the case. ?Let?s not say John Soh was convicted because he was stifled in his defence,? said Tan. By allowing Soh a chance to prepare his case properly, it will ?enhance? and not ?compromise? Singapore?s standing as a financial centre and jurisdiction that is open and fair, added Tan. In the end, Soh was denied bail by district judge Terence Tay. His case will be heard again at a pretrial conference on March 30. Just for an update concern the trials. Cheers and enjoy the long weekend.

 

old news wor 

Sharksaurs      ( Date: 14-Apr-2017 10:50) Posted: No bail, more charges 6 March 2017 Alleged stock manipulator John Soh Chee Wen failed in his bid to be allowed bail this past week and was slapped with a further seven charges. Prosecutors also provided a glimpse of what is to come at his trial. Chia Teck Leng, a former accountant at Asia Pacific Breweries, made history 13 years ago when he was convicted of cheating four banks of $117 million and sentenced to 42 years? jail. His name was mentioned in court submissions by public prosecutors on Feb 28 objecting to John Soh Chee Wen?s application to be allowed bail. Chia?s name was invoked to drive home the seriousness of Soh?s alleged crimes, the consequences he could face and, hence, his likely motivation to abscond. ?He potentially faces the longest custodial term ever imposed for financial crime in Singapore,? the prosecution team led by deputy senior state counsel Teo Guan Siew stated in its Feb 28 submission. Soh was among some 70 people that the Commercial Affairs Department (CAD) and Monetary Authority of Singapore began investigating in April 2014 for their roles in the rigging of shares in Blumont Group, LionGold Corp and Asiasons Capital (now Attilan Group). The three stocks suddenly collapsed in October 2013, vapourising more than $8 billion in combined market value. Soh was arrested on Nov 24 last year and slapped with 181 charges the following day. He has been held in custody ever since. The charges included six of ?aggravated cheating?. Specifically, Soh is alleged to have swindled Goldman Sachs International and Interactive Brokers LLC of more than $170 million ? significantly more than Chia?s haul of $117 million. Soh apparently used the money to fund a network of proxies to manipulate shares in Blumont, LionGold and Asiasons. Besides Soh, two other individuals were charged. Quah Su-Ling, former CEO of IPCO International and Soh?s alleged girlfriend, was hit with 178 charges. Goh Hin Calm, interim CEO of IPCO International and an alleged ?key assistant? of Soh and Quah, was slapped with six charges. Goh is out on bail of $750,000, while Quah is out on bail of $4 million. In objecting to Soh?s bail application, prosecutors provided evidence that he has the knowledge and means to enter and leave Singapore illegally. They also stated that he had been involved in the manipulation of shares in ISR Capital (see accompanying stories). On top of that, the prosecutors said investigations had uncovered evidence that Soh had tampered with witnesses ?on an extensive, methodical and sustained basis?. And, if he were released on bail, there is a real danger that he would continue to tamper with witnesses and pervert the course of justice, they added. Associates turning on Soh? On Feb 28, prosecutors charged Soh with seven counts of witness tampering, bringing the total number of charges he faces to 188. The basis of these new charges came from three witnesses who were associates of Soh. They included two trading representatives, Gabriel Gan and Ken Tai, and a one-time employee of LionGold, Peter Chen. All three individuals provided their statements on Dec 12, 2016, after Soh had been in remand for three weeks. Their statements gave an interesting glimpse into how Soh operated. When things did not go his way, he often cursed and threatened. But he could also turn on the charm, assuring those who had lost money doing his bidding that he would take care of them. The witness statements also cast more light on the relationship that some of the players in the penny stock crash story had with Soh. For instance, Tai was previously reported to have been CEO of a firm called Algo Capital, and had traded the penny stocks that eventually collapsed via accounts with Interactive Brokers held in the names of individuals that included Quah and Chen. According to affidavits cited by the prosecutors, Tai was told by Soh as early as December 2013 that if Tai was called up for investigations, he should say that he had been given ?standing instructions? to trade on behalf of his clients, thereby hiding the fact that his trades were actually made on the instructions of Soh and Quah. After Soh was himself hauled up for questioning, he jotted down a summary of what he told the investigators. He then gave Tai the document. ?In language one might expect from a mafioso, the accused told Ken Tai to ?sing to the tune? of this document,? the prosecutors stated, citing an unreleased affidavit from a CAD officer. According to prosecutors, when Soh was presented with the document, he did not deny he was the author but accused Tai of having stolen it. ?This is an audacious falsehood conjured up out of desperation,? said the prosecutors. ?Tellingly, it is also inconsistent with the accused?s own evidence that he had nothing to do with the trading activity in the accounts managed by Ken Tai. If that were so, there would be no reason for Ken Tai to steal the document from the accused.? In his affidavits, Soh accused Tai of having ?an axe to grind? as he had refused Tai?s request to help recover trading commissions for certain transactions. The prosecution said these claims were ?incredulous?. ?Even if Ken Tai had sought the accused?s help, a mere refusal would not lead him (or anyone) to steal documents and fabricate evidence against the accused.? Meanwhile, Chen is widely known to have once held a senior position at LionGold, and has been in the news promoting the company?s mining investments. He was also the holder of 15 brokerage accounts that the prosecutors say were used by Soh and his associates to manipulate shares in Blumont, LionGold and Asiasons. On Feb 28, the prosecutors also described Chen as someone who had handled Soh?s personal affairs for the past decade. Citing affidavits of investigators, the prosecutors alleged that Soh had told Chen not to admit that he was Soh?s nominee, and that Soh had threatened Chen, saying his lawyers ?will tear you down?. Soh also related to Chen what he had told CAD and wanted Chen to ?go along with those lines?. ?The evidence of Peter Chen corroborates that of Ken Tai, and vice versa,? noted the prosecution. Perhaps the most colourful evidence of Soh?s witness tampering came from audio recordings of conversations between himself and Gan. Prosecutors said the recordings were found on Gan?s laptop during investigations related to ISR. According to the prosecutors, Gan had originally told CAD he had received trading instructions from Quah via a certain mobile number. Soh subsequently told Gan to change his story and tell the CAD he could not confirm if Quah used that number. In one recording, Gan was heard reporting to Soh that he had changed his statement as instructed. ?Very good,? Soh said. Prosecutors also revealed that Soh gave Gan more than $500,000, purportedly to cover the trading losses sustained by Gan under Soh?s instructions. In the audio recordings, Soh was heard promising Gan money. ?The minute I have a bit more, I will... I get more collection, I give to you... $3,000, $5,000, whatever sum, I give you first.? Name dropping The recordings may also have caught Soh making references to several other players in the penny stock saga. At one point, as Soh encouraged Gan to disavow knowledge of any incriminating evidence, he suggested that Gan blame individuals who were outside Singapore. ?You just push to KL,? Soh said. ?I don?t know! Nelson or Kuan Yew asked me to do it!? One Nelson Fernandez and one Lim Kuan Yew are identified in charge sheets as holders of a number of trading accounts allegedly used by Soh and Quah. Fernandez held seven accounts with five brokerages. He was also a shareholder of an entity called Acadian Mining, which was acquired by LionGold in 2013. Fernandez was also owner of Belvedere Inc, which bought a 70% stake in Sun Spirit Group, a subsidiary of IPCO International, in December 2013. Lim held four accounts with three brokerage firms. He was also managing director of Magnus Energy Group from March 2008 to September 2014. He subscribed to a private placement of Blumont in June 2012. In another segment of the recordings, Soh was heard saying: ?I?m quite confident that we can get somewhere between sa, gor million [three to five million] cash. What is our priority? My priority is all our close group, Su Ling lah, you lah, James lah, Neo lah. Maybe about 10 or 15 people lah. You paid a heavy price lah, but still alive one lah.? An individual named James Hong Gee Ho, who resigned as an executive director of Blumont in July 2014, had 11 accounts under his name used by Soh and Quah, according to the charge sheets. Another individual named Neo Kim Hock had been executive chairman of Blumont between November 2003 and May 2014. For their part, Soh?s lawyers told the court that his being held in custody presented challenges in preparing his defence. For instance, Soh had been refused space to store necessary documents, and written communication from Soh to his lawyers has to be vetted by the prison authorities, which takes three to five days. Soh also has to speak to his lawyers through a glass panel. ?The difficulties we face are real,? Soh?s lawyer Tan Chee Meng of WongPartnership told the court on Feb 28. Tan also told the court that Soh is ready to accept any bail condition so that they can properly prepare for the case. ?Let?s not say John Soh was convicted because he was stifled in his defence,? said Tan. By allowing Soh a chance to prepare his case properly, it will ?enhance? and not ?compromise? Singapore?s standing as a financial centre and jurisdiction that is open and fair, added Tan. In the end, Soh was denied bail by district judge Terence Tay. His case will be heard again at a pretrial conference on March 30. Just for an update concern the trials. Cheers and enjoy the long weekend.

 

No bail, more charges
6 March 2017

Alleged stock manipulator John Soh Chee Wen failed in his bid to be allowed bail this past week and was slapped with a further seven charges. Prosecutors also provided a glimpse of what is to come at his trial.
Chia Teck Leng, a former accountant at Asia Pacific Breweries, made history 13 years ago when he was convicted of cheating four banks of $117 million and sentenced to 42 years? jail. His name was mentioned in court submissions by public prosecutors on Feb 28 objecting to John Soh Chee Wen?s application to be allowed bail. Chia?s name was invoked to drive home the seriousness of Soh?s alleged crimes, the consequences he could face and, hence, his likely motivation to abscond.
?He potentially faces the longest custodial term ever imposed for financial crime in Singapore,? the prosecution team led by deputy senior state counsel Teo Guan Siew stated in its Feb 28 submission. Soh was among some 70 people that the Commercial Affairs Department (CAD) and Monetary Authority of Singapore began investigating in April 2014 for their roles in the rigging of shares in Blumont Group, LionGold Corp and Asiasons Capital (now Attilan Group). The three stocks suddenly collapsed in October 2013, vapourising more than $8 billion in combined market value.
Soh was arrested on Nov 24 last year and slapped with 181 charges the following day. He has been held in custody ever since. The charges included six of ?aggravated cheating?. Specifically, Soh is alleged to have swindled Goldman Sachs International and Interactive Brokers LLC of more than $170 million ? significantly more than Chia?s haul of $117 million. Soh apparently used the money to fund a network of proxies to manipulate shares in Blumont, LionGold and Asiasons.
Besides Soh, two other individuals were charged. Quah Su-Ling, former CEO of IPCO International and Soh?s alleged girlfriend, was hit with 178 charges. Goh Hin Calm, interim CEO of IPCO International and an alleged ?key assistant? of Soh and Quah, was slapped with six charges. Goh is out on bail of $750,000, while Quah is out on bail of $4 million.
In objecting to Soh?s bail application, prosecutors provided evidence that he has the knowledge and means to enter and leave Singapore illegally. They also stated that he had been involved in the manipulation of shares in ISR Capital (see accompanying stories). On top of that, the prosecutors said investigations had uncovered evidence that Soh had tampered with witnesses ?on an extensive, methodical and sustained basis?. And, if he were released on bail, there is a real danger that he would continue to tamper with witnesses and pervert the course of justice, they added.
Associates turning on Soh?
On Feb 28, prosecutors charged Soh with seven counts of witness tampering, bringing the total number of charges he faces to 188. The basis of these new charges came from three witnesses who were associates of Soh. They included two trading representatives, Gabriel Gan and Ken Tai, and a one-time employee of LionGold, Peter Chen.
All three individuals provided their statements on Dec 12, 2016, after Soh had been in remand for three weeks. Their statements gave an interesting glimpse into how Soh operated. When things did not go his way, he often cursed and threatened. But he could also turn on the charm, assuring those who had lost money doing his bidding that he would take care of them.
The witness statements also cast more light on the relationship that some of the players in the penny stock crash story had with Soh. For instance, Tai was previously reported to have been CEO of a firm called Algo Capital, and had traded the penny stocks that eventually collapsed via accounts with Interactive Brokers held in the names of individuals that included Quah and Chen.


According to affidavits cited by the prosecutors, Tai was told by Soh as early as December 2013 that if Tai was called up for investigations, he should say that he had been given ?standing instructions? to trade on behalf of his clients, thereby hiding the fact that his trades were actually made on the instructions of Soh and Quah.
After Soh was himself hauled up for questioning, he jotted down a summary of what he told the investigators. He then gave Tai the document. ?In language one might expect from a mafioso, the accused told Ken Tai to ?sing to the tune? of this document,? the prosecutors stated, citing an unreleased affidavit from a CAD officer. According to prosecutors, when Soh was presented with the document, he did not deny he was the author but accused Tai of having stolen it.
?This is an audacious falsehood conjured up out of desperation,? said the prosecutors. ?Tellingly, it is also inconsistent with the accused?s own evidence that he had nothing to do with the trading activity in the accounts managed by Ken Tai. If that were so, there would be no reason for Ken Tai to steal the document from the accused.?
In his affidavits, Soh accused Tai of having ?an axe to grind? as he had refused Tai?s request to help recover trading commissions for certain transactions. The prosecution said these claims were ?incredulous?. ?Even if Ken Tai had sought the accused?s help, a mere refusal would not lead him (or anyone) to steal documents and fabricate evidence against the accused.?
Meanwhile, Chen is widely known to have once held a senior position at LionGold, and has been in the news promoting the company?s mining investments. He was also the holder of 15 brokerage accounts that the prosecutors say were used by Soh and his associates to manipulate shares in Blumont, LionGold and Asiasons. On Feb 28, the prosecutors also described Chen as someone who had handled Soh?s personal affairs for the past decade.
Citing affidavits of investigators, the prosecutors alleged that Soh had told Chen not to admit that he was Soh?s nominee, and that Soh had threatened Chen, saying his lawyers ?will tear you down?. Soh also related to Chen what he had told CAD and wanted Chen to ?go along with those lines?. ?The evidence of Peter Chen corroborates that of Ken Tai, and vice versa,? noted the prosecution.
Perhaps the most colourful evidence of Soh?s witness tampering came from audio recordings of conversations between himself and Gan. Prosecutors said the recordings were found on Gan?s laptop during investigations related to ISR.
According to the prosecutors, Gan had originally told CAD he had received trading instructions from Quah via a certain mobile number. Soh subsequently told Gan to change his story and tell the CAD he could not confirm if Quah used that number. In one recording, Gan was heard reporting to Soh that he had changed his statement as instructed. ?Very good,? Soh said.
Prosecutors also revealed that Soh gave Gan more than $500,000, purportedly to cover the trading losses sustained by Gan under Soh?s instructions. In the audio recordings, Soh was heard promising Gan money. ?The minute I have a bit more, I will... I get more collection, I give to you... $3,000, $5,000, whatever sum, I give you first.?
Name dropping
The recordings may also have caught Soh making references to several other players in the penny stock saga. At one point, as Soh encouraged Gan to disavow knowledge of any incriminating evidence, he suggested that Gan blame individuals who were outside Singapore. ?You just push to KL,? Soh said. ?I don?t know! Nelson or Kuan Yew asked me to do it!?
One Nelson Fernandez and one Lim Kuan Yew are identified in charge sheets as holders of a number of trading accounts allegedly used by Soh and Quah. Fernandez held seven accounts with five brokerages. He was also a shareholder of an entity called Acadian Mining, which was acquired by LionGold in 2013. Fernandez was also owner of Belvedere Inc, which bought a 70% stake in Sun Spirit Group, a subsidiary of IPCO International, in December 2013.
Lim held four accounts with three brokerage firms. He was also managing director of Magnus Energy Group from March 2008 to September 2014. He subscribed to a private placement of Blumont in June 2012.


In another segment of the recordings, Soh was heard saying: ?I?m quite confident that we can get somewhere between sa, gor million [three to five million] cash. What is our priority? My priority is all our close group, Su Ling lah, you lah, James lah, Neo lah. Maybe about 10 or 15 people lah. You paid a heavy price lah, but still alive one lah.?
An individual named James Hong Gee Ho, who resigned as an executive director of Blumont in July 2014, had 11 accounts under his name used by Soh and Quah, according to the charge sheets. Another individual named Neo Kim Hock had been executive chairman of Blumont between November 2003 and May 2014.
For their part, Soh?s lawyers told the court that his being held in custody presented challenges in preparing his defence. For instance, Soh had been refused space to store necessary documents, and written communication from Soh to his lawyers has to be vetted by the prison authorities, which takes three to five days. Soh also has to speak to his lawyers through a glass panel. ?The difficulties we face are real,? Soh?s lawyer Tan Chee Meng of WongPartnership told the court on Feb 28.
Tan also told the court that Soh is ready to accept any bail condition so that they can properly prepare for the case. ?Let?s not say John Soh was convicted because he was stifled in his defence,? said Tan. By allowing Soh a chance to prepare his case properly, it will ?enhance? and not ?compromise? Singapore?s standing as a financial centre and jurisdiction that is open and fair, added Tan.
In the end, Soh was denied bail by district judge Terence Tay. His case will be heard again at a pretrial conference on March 30.

Just for an update concern the trials.
Cheers and enjoy the long weekend.

 

how' s the case going on? iike no news lately

 

LIMPEH KALI KONG...MAI KONG GUA EH JIOW WEHH...

 

If someone were to write a book about john soh..it can be a best seller...like wolf of wall street etc..can even be a movie or comedy.

 

Nice sharing, Wind22i & Michael Schenker !

A very good read indeed.

 

Thanks Wind22i for the John Soh' s story. If he releases an autobiography, I will very likely buy and read.

Meantime, I think it' s good to share reminders to our friends here in the forum not to be too " caught up" in the speculations of the stock market.

Would be insightful  to those who bothers to read thru' 66 pages of case study by MAS on the Pan-Electric crisis

http://www.mas.gov.sg/~/media/resource/publications/staff_papers/MAS_Staff_Paper_No32_Jul_2004.pdf

 

http://aseantradinglink.blogspot.sg/2013/11/how-soh-chee-wen-planned-his-come-back.html?m=1

Monday, 18 November 2013
How Soh Chee Wen planned his come back
After rumours of Soh Chee Wen involved in 3 designated stock in SGX. Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd.

There is a lot of traffic come to this blog via search of keyword "Soh Chee Wen". While Soh might be familiar figure in Malaysia. It might not be same for reader in Singapore. We decided to blog about Soh Chee Wen today.

In 1979, Soh Chee Wen admitted to Universiti Malaya. However, he drop out of University after two weeks as he find passion in direct selling company ( MLM company ). He earn his first millionafter two years.

Dogged by bad publicity after the collapse of his Direct Selling company ( MLM Company ),WW Wings, he decided that getting money to pay off his massive debts would be his number one proiority.

The Batu Pahat born lost everything in 1984 after the recession wiped out of his earlier success and plunged him into debt totalling about RM6million, he remain opitimistic. "My friend Duta Yap have more than 600million debt yet survived. What is 6million" he said.

In a way , he had to because there was nothing else for him to cling to. After dimissing the fact that even a high-paying job would not solve his financial woes, he planned his comeback through other option.

Given that there were many ailing companies in the wake of the recession, he and his associates decided to use their experience to try to revive them. Soh offered to sort out their troubles and placed classified advertisements in the newspaper with this tempting line - " Is your company in trouble?"

"We had thousands of replies, including from a few public listed companies. Almost everybody was in trouble in those days. that gave a new direction and purpose" he said.

This seemd ironic since Soh too was hit by the recession. He said :" Of course, we didn't highlight our problems. I guess there were some people who were too desperate and believed that we were sincere and committed enough to do it. the point was that they had nothing to lose.

Soh's offer to people in finacial trouble was simple. In return for taking over their financial losses, their fee was charged as contra equity in the ailing companies. this mean meeting head on with bankers, creditors and bill collectors.

In those days, accoding to Soh. there were even people who would give their companies up for free.

Soh said " So, we took over a lot of companies that way. At least,the owners had a good noght's sleep. many of these companies were small operations such as mini markets, pharmacies and services companies.

"Our basic formula was a simple one which we have refined over the years into an art form. we would offer 10 sen to the ringgit. they ( Creditors ) would be very thankful for that.

"Most creditors are fairly reasonable and basically, "They want to know what your plans are. They want to know that you are not running away. A lot of creditors usually do not say that that you have to pay 100 per cent right now. They just want an assurance that you have enough courage to face them and not run away."

After taking over, how did Soh turn around and ailing company? He said : once we reduced the debt, for example, from a million to RM100,000, we would look for ways to reduce the debt further. we would look for ways for things that are core and non-core to the business.

" We then decide waht to sell. for example, in a mini market operation we look for things that were not inuse such as spare freezers and shelves, and we would sell them.

"When this is done, you will have a clear business and next thing is you will have to work like hell to make it work. that formula never fails."
Some of the revitalised companies were sold to pay off his debts, some were kept. those which were kepr were companies with land banks or contracts with government which Soh and company could build on when the recession was over.

For instance, the Lake-view Club in subang Jaya was taken over for just RM5,000.00 (Cash portion)in 1988.

His big break came in the same year when he took over a company known as Posti bena construction Sdn Bhd which had a contract from the Royal malaysian air Force to build an 18-hole golf course and a clubhouse in Kg Subang near the air port.

With a name like Pasti Bena which literally means "sure to build," it placed Soh back on the corporate trail after successfully completing the contract for RM20million.

Soh described the contract as radical as at that time it was one of the government's first Build, Operate and Transfer (BOT) contracts.

He said: "In return for the contruction, we were given 4,000 club memberships to sell within three years. If we could do so. the money was ours to keep. Even if we had sold just two memberships, that would be the final payment. We sold the memberships for RM5,000 each. It was not easy to sell in those days but we managed to sell all.

Soh and his associates made some profit from the contract. He said : "We used the money to pay off some of our debts."

"I have sweated blood. I have gone up, down and up since 1979. the fact of the matter is that I have my second wind from 1984. Nobody can do it overnight"

Born in Petaling Jaya on Boxing Day in 1959, Soh carved out a name for himself in the corporate world here and across the causeway when in 1995, he emerged as the largest shareholder and director in Singapore-listed Inno-Pacific Holdings Ltd.

By mid-1996, he controlled no less than seven listed companies on both sides of the Causeway and another four overseas
His stable then comprised Kuantan Flour Mills Bhd (KFM), Autoways Holdings Bhd, Kelanamas Industries Bhd and Perstima Bhd, Promet.

In Singapore, he controlled Inno-Pacific Holdings Ltd and through Promet, Ipco International

Promet also controlled four listed entities in other countries, Wah Nam Ltd (Hong Kong), Prophill (Philippines), and DCI International and IAL Ltd (both Australia)

But all came to nought when he used a scheme to defraud Omega Securities Sdn Bhd. In April 1999 a warrant of arrest for Soh was issued but could not be executed because he had fled the country

After being a fugitive for nearly four years, he returned to Malaysia in May 2002, when he was immediately arrested by the Securities Commission at the Kuala Lumpur International Airport and charged in the Shah Alam Sessions Court on two charges

He pleaded guilty to two alternatives charges of abetting former TA Securities boss Tiah Thee Kian in submitting false information to the KLSE

He paid the maximum fine of RM6 million.

Soh also made headlines when he filed multi-million ringgit suits against then Transport Minister Datuk Seri (now Tun) Dr Ling Liong Sik, his son Hee Leong, Hee Leong's wife Carol Ong Lee Choo and Linksun Avenue Sdn Bhd.

1995 : Promet

Dato' Soh and his associates appeared on the scene in Sep 1995, when they acquired 111.1 mln shares representing a 21% interest in Promet and became the dominant substantial shareholders. The acquisition price was not disclosed, but the mass media reported the purchases at around RM250 mln, or RM2.25 per share. Promet's market price at that time was RM3.10. The old board of directors of Promet left within 2 years after the new management came in. The new management team engaged Promet in 3 activities that had detrimental effects on its viability: [1]. Increased its interest in Ipco to 75% [2]. Began share trading using margin accounts and [3]. Bought shares in other companies. Let us examine how these activities led to Promet's downfall:

[1]. Acquisition of Ipco shares

In Nov 1996, Promet increased its interest in Ipco to 75% at a cost of RM106.6 mln cash. This was to focus on the group's core activities of marine engineering, infrastructure and construction sectors with more emphasis in the Southeast Asian & African markets. The group had around RM410 mln worth of contracts in mid-1996. However, the difficult economic conditions and currency depreciation in the region adversely affected Ipco's operations. In 1998, Ipco made an operating loss of RM75.6 mln, due to additional costs in a Nigerian project, provision for doubtful debts and deferment & cancellation of projects in Asia. In Nov 1998, Promet's interest in Ipco dropped to 25.5% due to financial institutions in Singapore selling Ipco shares that Promet had pledged as collateral for loans. Table 1 shows the major exceptional losses from 1997-1999, partly contributed by Ipco.

Table 1: Exceptional losses (RM mln)

[2]. Share trading using margin accounts

During the financial year ended 31 Apr 1997, Promet purchased shares in certain listed companies, as shown in Table 2, in which Dato' Soh had an interest in. The purchase of these shares partly contributed to the losses suffered in share trading, as shown in Table 1. In addition, in late 1999, Promet defaulted in payments of around RM478 mln, of which RM147.5 mln was attributable to share margin & trading accounts. Of this amount, RM60.4 mln was extended by Omega Securities S/B, a company associated with Dato' Soh - see last week's special selection.


Table 2: Promet� s purchases in companies related to Dato� Soh


[3]. Purchase of shares in companies

Promet entered into an agreement to buy a 32.9% interest in Westmont Industries Bhd (WIB) for RM498.4 mln cash in late 1996. In Apr 1997, Promet arranged to sell its entire 32.9% interest in WIB to Swascojuta S/B for the same amount plus costs incurred in the share transactions, thus resulting in no loss to Promet. However, an amount of RM96 mln was deemed uncollectable from Swascojuta S/B and was written off in 1999. In addition, the Group acquired a 41% interest in Nina Investment Holdings Pte Ltd in Feb 1996 for RM105.0 mln, of which RM98.4 mln was paid. The acquisition was subsequently aborted but Promet deemed the amount paid as irrecoverable and wrote off the entire RM98.4 mln in 1999.

In totality, within 4 short years, from 1997 to 2002, Promet suffered heavy losses under the new management, incurring losses attributable to shareholders of a mind-boggling RM1.01 bln. This undid all the efforts made in the early Nineties to put Promet on a sound footing.

Exit Via Rekapacific ?

On 27 Dec 1996, Dato' Soh sold 100 mln shares in Promet to Rekapacific Bhd for RM350 mln cash. Assuming he bought his earlier shareholdings at RM2.25 per share, that would have translated to a gain of RM125 mln. Subsequently, Dato' Soh resigned from the board on 30 June 1999.

Public Reprimand And Fined

On 27 July 1998, Promet obtained a restraining order from the High Court for Promet and 3 subsidiaries to restrain any actions or proceedings taken against them by creditors. The group proposed a restructuring scheme on 31 July 1999 that involved a reverse takeover by Safuan Group Bhd but the scheme was aborted on 23 Feb 2001. On 21 July 2000, the KLSE issued a public reprimand and a RM50,000 fine on Promet for failing to issue a circular to shareholders and to obtain prior approval in a general meeting in relation to two share transactions carried out by the company in 1997 which involved the interest of past directors and substantial shareholders of the company.
Come back 2nd time?
Sources said that Soh chee Wen started invest in Innopac、 IPCO International Ltd and Annica in 2000。 And he only invested in Magnus Energy Group Ltd in 2003 and 2004。

IPCO International Ltd is one of the substantial shareholders of Innopac.