Hearing adjourned in bail case of penny stock alleged mastermind John Soh

Malaysian dealmaker John Soh at the High Court on Jan 27, 2016.
Malaysian dealmaker John Soh at the High Court on Jan 27, 2016. PHOTO: LIANHE ZAOBAO

SINGAPORE - The district court has adjourned the bail hearing of John Soh Chee Wen in the penny stock crash case to Feb 28.

Soh is facing 181 charges over alleged violations of the Securities and Futures Act. He, along with Quah Su Ling, his alleged girlfriend, and their alleged key accomplice, interim Ipco CEO Goh Hin Calm, were accused of manipulating shares in three penny stocks that wiped out S$8 billion from the market in three days in Oct 2013.

The prosecution had objected to Soh being granted bail, citing among reasons, new evidence allegedly showing that Soh had tampered with key witnesses linked to a fresh probe of listed firm ISR Capital before his arrest in November last year.

 
 

Quah was granted bail of $4 million on Nov 25 last year. She posted bail on Jan 5.

Goh made bail of $750,000 on Dec 14.

Deputy Public Prosecutor Teo Guan Siew told the court earlier that the evidence of alleged witness tampering came to light recently as the authorities, probing ISR's share price crash that occurred immediately news of Soh's arrest broke on Nov 25, brought in witnesses for questioning.

He said the authorities had found audio recordings of conversations Soh had with one Gabriel Gan, retrieved from Mr Gan's laptop.