Thursday 28 Mar 2024
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SINGAPORE (April 22): Prosecution witness Ng Kit Kiat, a former OCBC Securities remisier, on Monday admitted to conducting trades on behalf of his clients without third-party authorisation.

Ng is the prosecution’s first witness in the trial of alleged 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su-Ling.

It was revealed during the trial — which resumed this afternoon after nearly a month-long hiatus — that Ng had left OCBC Securities a week ago.

In Day Five of the trial, Quah’s defence counsel, Philip Fong of Eversheds Harry Elias, picked up where he left off and asked Ng if he had upheld the practice of issuing third party authorisation forms.

Ng said he had personally mailed out the forms to each of his nominees, but did not have any record of it. However, on further probing, he admitted to not having sent out these forms.

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