Penny stock crash: John Soh’s ask for indictment archives expelled

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SINGAPORE – The Singapore High Court expelled on Tuesday (Aug 8) a demand by John Soh Chee Wen, the charged driving force of Singapore’s 2013 penny stock crash, to acquire certain sound recordings, witness proclamations and call records from four cellphones seized by the police.

High Court Justice See Kee Oon found that Soh’s ask for archives added up to an “angling endeavor” and looked for revelation “outside limits of the criminal case exposure meeting (CCDC) process.”

The CCDC is a formalized revelation process where the indictment and the guard uncover parts of their cases and the proof at the pre-trial stage to encourage smoother trials.

Soh made the request for documents with a bail application before the High Court. This after the lower court in February dismissed an earlier application for bail.

Bail was denied on Feb 28 to the Malaysian businessman who is facing 188 charges for his alleged role in Singapore’s penny stock crash four years ago. Shares of Blumont, Asiasons and LionGold surged between 150 and 800 per cent in less than nine months before losing most of their market value in just three days in October 2013. The crash wiped out more than S$8 billion in value.

A hearing date for the latest bail application has yet to be set.

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