Soh Chee Wen & The Manipulation Of Penny Stocks in Singapore: A life of politics and corporate shenanigans & More News Here

CONVICTED inventory market manipulator Soh Chee Wen led a vibrant life in the corporate world in addition to the political scene. He was charming to these he needed to please and performed to the gallery when the chance arose.

For occasion, upon his return to Malaysia in May 2002 — after being on the run for 3 years since April 1999 — Soh made his first public look at a Chinese faculty in Puchong, Selangor. He donated RM10,000 to (SJKC) Sin Min, a faculty that he had lengthy been related to, particularly for its funding wants.

He met a small group of media members and fielded questions, particularly on his hyperlinks to former MCA president Tun Dr Ling Liong Sik and his son Hee Liong.

From 1995 to 1997, Soh was seen because the “president’s corporate guy” in MCA. He was appointed to the MCA central committee in 1995 and in subsequent years claimed to have enterprise ties with Hee Liong.

But the 1998 inventory market meltdown noticed relations between the Ling household and Soh bitter. Hee Liong’s flagship firm was Rekapacific Bhd, which he managed by way of Linksun Avenue Sdn Bhd. Rekapacific was ultimately delisted, sunk by its pile of money owed.

At one stage, Soh, now 63, had even filed a go well with in opposition to Linksun Avenue to get better some monies however the courts struck it out.

He went on the run in April 1999 after he was charged with defrauding Omega Securities of greater than RM500 million. He was charged for the offence along with Datuk Tony Tiah of TA Enterprise. Even when he was on the run, he used to present statements by way of a neighborhood legislation agency.

Those near Soh stated that he used to journey between Indonesia and Singapore utilizing a faux Indonesian passport.

Among the businesses that Soh managed earlier than the 1998 inventory market meltdown had been Promet, Kelanamas Industries Bhd, Autoways Bhd, Kuantan Flour Mill Bhd and Uniphoenix Corporation Bhd. Uniphoenix stood out as a result of its share worth stood agency even because the others had been falling.

Eventually, Uniphoenix additionally succumbed to promoting stress.

The Securities Commission Malaysia (SC) questioned Soh for a number of days in relation to the collapse of Omega Securities. The finish end result was reams of testimony that concerned not solely Rekapacific and Uniphoenix but additionally a number of different listed firms in which Soh had minority stakes.

The names of outstanding bankers and stockbrokers had been additionally disclosed in the testimony to the SC.

Soh claimed that bankers and stockbrokers approached him to take up stakes in listed firms throughout the 1998 inventory market meltdown. They even offered him with financing to keep away from promoting the shares on the open market, which might have resulted in the financial institution or dealer taking a direct hit on their books.

In return for the financing, Soh pledged his shares in Uniphoenix, which explains why the inventory didn’t see a lot promoting stress till the later levels of the market meltdown.

After settling the compound of RM6 million for defrauding Omega Securities, Soh brazenly supported the faction that went in opposition to Dr Ling in the MCA get together elections of 2003. In the elections, Dr Ling and his deputy Tan Sri Lim Ah Lek stepped down, paving the way in which for his or her protégés to take over the helm of the get together.

Soh was additionally a supporter of Parti Keadilan Rakyat. He was stated to have been one of the early financiers of the get together and turned extra vocal in his help between 2007 and 2013. He can be stated to have financed the information web site Free Malaysia Today in its early years.

After the Omega Securities incident, Soh was not allowed to carry any place in listed firms however his title at all times cropped up in the native inventory market scene.

Between late 2004 and mid-2006, he was linked to the boardroom combat for management of QSR Bhd and its affiliate firm, KFC Holdings Bhd.

In early 2005, the faction linked to Soh gained management of the QSR board. Tan Sri Nik Ibrahim Kamil emerged as chairman with a stake of near 14%.

Soh’s title didn’t seem wherever as a shareholder of QSR. However, there was some semblance of his hallmark of controlling firms with a quantity of proxies. QSR’s shareholding listing confirmed no substantial shareholder however a number of names with small stakes.

At one stage, there was even hypothesis that Datuk Wira Daim, son of former finance minister Tun Daim Zainuddin, would emerge as a shareholder in QSR.

On the opposing finish of the tussle for management of QSR/KFC was Datuk Ishak Ismail. Finally in 2006, Johor Corp took management of QSR, ending the combat.

Soh’s title pale away from the Malaysian corporate scene till the penny inventory rally in Singapore exploded. The first hyperlink to his having a hand in the rally was by way of LionGold Corp Ltd, in which Wira Daim held a stake.

The Singapore authorities impounded Soh’s passport in 2014 and he has been in police custody since 2016. Now that he has been discovered responsible of inventory manipulation, will probably be a very long time earlier than he returns to the corporate scene, if ever.

 

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