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SGX slaps 'trade with caution' warning on ISR Capital as it lifts trading suspension
THE Singapore Exchange (SGX) has slapped a 'trade with caution' warning on ISR Capital as it lifts the trading suspension imposed on the shares.
ISR Capital is scheduled to resume trading on March 6, 2017. Trading of ISR Capital shares has been suspended by the exchange since Nov 27, 2016 to safeguard the interest of the market as there were circumstances that prevented trading on an informed basis.
On Nov 25, John Soh Chee Wen was one of the three individuals charged in the Singapore State Courts for manipulating the shares of Asiasons Capital (now Attilan Group), Blumont Group and LionGold Corp between August 2012 and October 2013. Mr Soh now faces 188 charges related to the crash in the penny stock market.
On Feb 28, 2017, it was revealed that Soh is being investigated for manipulating the share price of ISR and the management of its affairs.
SGX said investors and shareholders should exercise caution when trading resumes.
Shares of ISR plunged on Nov 24, 2016 the day Soh was arrested. The investigation into the stock began a week later, on Dec 2, which led to certain evidence being seized, the prosecution said on Tuesday. The evidence suggests that Soh was manipulating ISR while still under police bail, they said.
In written submissions, Soh's lawyer, Senior Counsel Tan Chee Meng of WongPartnership, argued that his client would be "stupid" to attempt to manipulate ISR "in this time and age where every trade can be traced".