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Showing posts from January, 2016

I've survived worse, says Malaysian businessman Soh Chee Wen in penny stock crash probe

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Tycoon. Corporate bigwig. Dealmaker. These are among the terms used to describe Mr John Soh Chee Wen, 56, the Malaysian businessman labelled by the authorities as the "probable mastermind" behind what is arguably Singapore's biggest and most complex fraud case in recent years.

John Soh says couldn’t have masterminded Singapore penny stock crash

Malay Mail Online 30 January 2016

Malaysian businessman John Soh Chee Wen has said it is not possible to plan for the events that led to the sudden 2013 shares crash in three listed Singaporean companies that wiped out S$8 billion (RM23.27 billion) in capital.

Soh fails to get permission to travel, wants light shed on penny stock saga

Leu Siew Ying, The Edge Singapore 1 February 2016

Things did not go well for John Soh Chee Wen last week. Besides his attempt to have his passport returned being dismissed, he found himself being publicly named in open court by Deputy Public Prosecutor Gordon Oh as the likely mastermind behind the spectacular rise and fall of Asiasons Capital (now Attilan Group), Blumont Group and LionGold Corp.

Answers emerge on scope and status of penny stock crash investigation

Leu Siew Ying, The Edge Singapore 1 February 2016

A trove of information about the investigation into the steep rise and eventual crash in October 2013 of Asiasons Capital (now Attilan Group), Blumont Group and LionGold Corp came to light this past week. Not only did the authorities finger Malaysian businessman John Soh Chee Wen as the probable mastermind of the whole affair, but they also pledged to bring charges against the wrong­ doers before year-end.

Buy-in penalties, quarterly reporting targeted in sweeping review of SGX rules

Singapore Exchange (SGX) is looking into a raft of potential changes to the structure of the stock market, including scrapping automatic penalties for buy-ins, reviewing its calculation of the minimum trading price (MTP) and studying the need for quarterly reporting and dual-class shares, chief executive Loh Boon Chye announced on Thursday.

What the short-sellers may have known

For short-sellers operating in the big league, the modus operandi has always been to build up a large position in the target stock, then charge into town with guns blazing to tell the world what is wrong with it.

SGX promises more dialogue with remisiers

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The Singapore Exchange (SGX) has promised to be more attentive to the grievances of remisiers who are struggling amid the market downturn.

China firms face margin call sell-off

Chinese companies may be forced to sell at least US$12 billion in shares in coming weeks to meet margin calls, dealing a further blow to stock markets which have already seen some US$2 trillion in value wiped out so far this year.

Singapore court says no to Soh’s bid to return to Malaysia

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Former corporate kingpin Datuk Soh Chee Wen failed in his bid to return to Malaysia and the prosecution contended that charges may be brought against him in relation to the “penny stock” collapse that happened in October 2013.

Businessman barred from leaving country

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A Malaysian businessman, identified as the “probable mastermind” behind one of Singapore’s biggest and most complex stock market fraud cases, was yesterday denied permission to leave the country.

Soh Chee Wen ‘mastermind’ of penny stock crash: prosecutor

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Investigators probing the 2013 penny stock collapse believe that they have enough evidence to show that Malaysian businessman Soh Chee Wen was the mastermind behind the companies at the heart of the market crash, the prosecution said on Wednesday at a hearing on Mr. Soh’s bail conditions.

Evidence points to Soh Chee Wen as mastermind of 2013 penny stock collapse: Public Prosecutor

Investigators into the 2013 penny stock collapse have found enough evidence to show that Malaysian businessman Soh Chee Wen was the mastermind behind the companies at the heart of the market crash, the Public Prosecutor said on Wednesday at a hearing on Mr Soh's bail conditions.

Penny stock crash probe: Court denies businessman John Soh Chee Wen's bid to return to Malaysia

Malaysian dealmaker John Soh Chee Wen's request to return to Malaysia was turned down by the courts on Wednesday (Jan 27), after the prosecution said that charges may be brought against him soon.

Penny stock crash: Malaysian businessman aiding in probe

Malaysian businessman John Soh Chee Wen is assisting the Commercial Affairs Department (CAD) in investigations into Singapore's penny stock crash of October 2013.

Tycoon Soh Chee Wen's request to return to Malaysia denied

Businessman John Soh Chee Wen’s request to return to Malaysia was rejected by the courts on Wednesday after the prosecution indicated that charges of false trading may be filed against the Malaysian.

How useful are circuit breakers?

Because of the massive volatility in global equity markets over the past fortnight, an interesting piece of news may have passed relatively unnoticed - the apology by China's market regulator for its "shortcomings" in the way it handled steep plunges in its stock market.

Circuit breakers blamed for China's market panic

Ask investors like Mr Song Deyong about the circuit breakers that kicked in on China's share markets again yesterday and you might not get a polite response.

Deal making remisier Wong Teck Kui fined, banned for insider trading

The Monetary Authority of Singapore (MAS) has fined dealmaker Wong Teck Kui S$110,000 and issued him with a two-year ban on regulated securities and futures activities for insider trading of Time Watch Investments (TWI) shares.

Repco case a reality check for those watching Singapore penny stock probe

The saga involving Malaysia's Repco Holdings, arguably the biggest market manipulation incident its stock market has witnessed - at the very least, it is the most jaw-dropping event in the country's mid-90s bull run - has reached closure almost two decades since the alleged offence took place.

Trader who made 6,200% on China futures says go short or get out before it’s too late

Mr. Huang Weimin, the hedge fund manager whose Chinese stock-index futures wagers returned more than 6,200 per cent last year, has some advice for investors in 2016: Sell your shares now, before it’s too late.

Steering Yangzijiang to calmer waters amid rough weather

As the Chinese saying goes, every crisis presents both danger and opportunity. For Yangzijiang Shipbuilding chairman Ren Yuanlin, the current crisis engulfing the Chinese shipbuilding industry may well open up another window of opportunity for further business expansion as rival yard operators drop out of competition.

George Soros says he expects hard landing for China economy

Billionaire investor George Soros said China's economy is facing a hard landing, a situation that will contribute to global deflationary pressures and prompted him to wager against US stocks.

Short sellers come out on top in 2015; 2016 could offer even bigger kills

Last year was the most profitable ever for short sellers, by one measure. And 2016 is starting off even better for bears.

Margin calls on Singapore shares worsening, but little systemic risk seen

When there's selling like this, people are naturally injured . . . you can't expect them to get up and running.

Crude Oil Break-even Price

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Improve disclosure when SGX rejects transfers to Catalist

Over the past year, SGX has taken a number of commendable steps to increase the transparency of its regulatory process, and the recent regulatory column was the latest example of that. On occasion, SGX also needs to extend its drive for transparency to its issuers as well.

No easy move to Catalist from mainboard: SGX

Mainboard-listed firms teetering on consecutive losses will not get an easy transfer to the Catalist board, the Singapore Exchange said yesterday.

Different paths for watch-list firms that seek Catalist transfer

The Singapore Exchange (SGX) on Monday sketched out the different paths for mainboard companies that are seeking to transfer to the Catalist board - including those to be placed on the watch-list because they do not meet the minimum trading price (MTP) requirement.

KLW suspends shares, must find new sponsor by March 31

As if a police investigation and potential listing-rule breaches were not challenging enough, investors in Catalist-listed KLW Holdings welcomed the new year with a trading suspension and the threat of delisting if a new continuing sponsor is not found by March 31.

Singapore risks fading into investment backwater as market cap shrinks

Fresh off its worst year for listings in at least two decades, the Singapore stock market now faces the threat of fading into an irrelevant backwater for global investors as large privatisations, small floats and a broad-based equities slump continue to erode its market value and appeal, market watchers warn.