ISR probe led to new allegations against Soh Chee Wen, says DPP
Information gathered during an investigation into ISR
Capital's recent stock crash led prosecutors of John Soh Chee Wen to add
allegations of witness tampering, Deputy Public Prosecutor Teo Guan Siew told
the court on Tuesday during Soh's bail hearing.
Comments
Kenneth Lim
21 December 2016
Information gathered during an investigation into ISR Capital's recent stock crash led prosecutors of John Soh Chee Wen to add allegations of witness tampering, Deputy Public Prosecutor Teo Guan Siew told the court on Tuesday during Soh's bail hearing.
Soh, who was arrested on the morning of Nov 24 on charges of manipulating the stocks of Asiasons Capital, Blumont Group and LionGold Corp in the run-up to the 2013 penny stock crash, remains in custody. The prosecution is asking the court not to grant any bail for Soh.
The bail hearing was adjourned on Tuesday to Dec 30 so that his lawyers and the prosecution can address the new information.
Soh's lawyer, Senior Counsel Tan Chee Meng of Wong Partnership, told the court that allegations of witness tampering were added only after Soh was charged on Nov 25.
"We are now faced with highly prejudicial information with which we have no opportunity to address the court," Mr Tan said.
DPP Teo said the alleged evidence of tampering was discovered only after the Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS) launched an investigation into the Nov 24 crash of ISR's stock. That evidence is relevant to whether Soh should be allowed bail, he added.
During the ISR investigation, a number of witnesses were questioned, including one Gabriel Gan, who had in his possession some audio recordings of conversations with Soh, DPP Teo said.
The substance of those recordings, which only came to light within the last two weeks, formed the basis for the new allegations.
Mr Tan argued that the prosecution had supported the witness tampering allegations with "piecemeal" extracts from the recordings. His client, and the court, should have access to the full recordings to understand the full context of the information cited by the prosecution, Mr Tan said.
The court granted the adjournment to allow Soh's lawyers a chance to listen to the full recordings, and for both sides to address the new information.
Soh faces 181 charges related to the 2013 collapse of the shares of Asiasons, Blumont and LionGold, which led to a massive selldown in penny stocks. Also arrested on Nov 24 over the same matter were former Ipco International chief executive Quah Su-Ling, who faces 178 charges; and former Annica Holdings and ITE Electric independent director Goh Hin Calm, who faces six charges.
DPP Teo's comments on Tuesday revealed that the authorities were looking specifically at ISR's stock crash; a company announcement on Dec 9 said only that MAS and CAD were investigating an offence under the Securities and Futures Act.
ISR's share price more than halved on Nov 24, in the hours following Soh's arrest earlier the same day. The drop prompted a trading query from the Singapore Exchange (SGX) and a trading halt by the company. The stock remains suspended, after SGX raised concerns that the stock was not trading "on an informed basis".
ISR chief executive Quah Su-Yin, who is Quah Su-Ling's sister, put out an announcement after ISR's shares were halted to "state categorically that there is no direct or indirect link" between ISR, its directors or officer and the penny stock crash, save for her being the sister of one of the accused parties.