Soh denied bail, faces new charges in penny stock case

Singapore

A DISTRICT judge denied bail to Malaysian businessman John Soh Chee Wen on Tuesday, as prosecutors added seven new charges of witness tampering to the alleged "mastermind" of the 2013 penny stock crash and suggested additional involvement manipulating the stock of ISR Capital.

The judge said that the totality of the evidence, which included allegations by the prosecution that Mr Soh had previously used a fake Indonesian identity to enter and leave Singapore, suggested that Mr Soh was a flight risk. The judge also accepted the prosecution's portrayal of Mr Soh as a "protagonist" in the 2013 crash and who "has significant influence over the supporting cast".

Mr Soh now faces 188 charges related to the penny crash, in which the collapse of Asiasons Capital (now Attilan Group), Blumont Group and LionGold Corp in October 2013 triggered a massive sell-off in low-priced stock…