Penny stock crash: Soh’s counsel wants details on remisier with largest global trading limit

An office worker walks past a logo of the Singapore Stock Exchange (SGX) outside its premises in the financial district of Singapore, April 23, 2014 Reuters
An office worker walks past a logo of the Singapore Stock Exchange (SGX) outside its premises in the financial district of Singapore, April 23, 2014 Reuters

SINGAPORE, May 17 — The defence counsel today asked for more details on a remisier at Phillip Securities Pte Ltd (PSPL) who has the largest global trading limit among the remisier category in the broker firm in 2013.

The request for details of Husein Tjoa, who was with PSPL until January 2017, was put forward by first accused John Soh’s counsel, Narayanan Sreenivasan, before Judge Hoo Sheau Peng at the joint trial over the 2013 penny stocks crash which entered its 17th day today.

Earlier, in a conditioned statement, PSPL’s Assistant General Manager Goh Chiu Goik stated that Tjoa’s global trading limit was increased from S$30 million (RM90 million) in 2012 to S$50 million in January 2013 and S$65 million in July 2013.

During cross-examination, the counsel wanted Goh to furnish the court details on Tjoa’s trading limits which were increased to S$65 million.

“What I want to know is I want to see the document on the application for Tjoa’s increase in credit limit. What reasons he gave and who approved it, (and) on what basis,” he said.

In addition, Sreenivasan wanted Goh to furnish the court details of Tjoa carrying out trading outside of the Phillip Securities’ trading room.

Sreenivasan: He set up an office of his own with a few other people. Firstly, under the governance and compliance rules of PSPL, is he allowed to do that?

Goh: PSPL allows on-premise and off-premise trading.

Sreenivasan: Are there conditions when it allows off-premise trading?

Goh: Before the Trading Representatives (TRs) move to off-premise they must inform PSPL.

Sreenivasan: So all TRs must do all trading on premises unless they have informed PSPL in advance?

Goh: Yes.

Sreenivasan: And in the case of Tjoa, is PSPL aware that he moved off premises? “Yes”, “no”, “I don’t know”?

Goh: I am not aware.

Sreenivasan: Can you go and check whether Tjoa took any permission or gave any notification for moving off-premises and if he did the reasons he gave and who approved it?

Goh is expected to furnish those details next Tuesday.

Soh and second accused Quah Su-Ling pleaded not guilty to 189 and 178 charges respectively in relation to the Asiasons, Blumont, and LionGold’s penny stocks crash six years ago. — Bernama

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