CGS-CIMB, DBS Vickers deny knowledge of unauthorised third-party instructions

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SINGAPORE (Oct 15): Representatives from CGS-CIMB Securities and DBS Vickers Securities in court on Tuesday denied knowledge of unauthorised third-party instructions in the trading of stocks related to the 2013 penny stock crash.

Taking the stand at the trial of John Soh Chee Wen and Quah Su-Ling, the alleged masterminds behind the market manipulation scandal, the representatives in their respective conditioned statements had also said they would have rejected Soh as an authorised third-party.

Voo Wai Lum, the regional head of compliance at CGS-CIMB, noted adverse media reports on Soh, while DBS Vickers’ Sim Han Kiang said Soh would not have been approved as an authorised operator based on the broking house’s screenings.

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