Witness Ken Tai admits to market manipulation for his own gain

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SINGAPORE (Oct 4): A witness in the trial of the alleged masterminds of the 2013 penny stocks crash, John Soh Chee Wen and Quah Su Ling, today admitted to manipulation of the stock market for his own gain.

However, the witness, former broker Ken Tai Chee Ming, said he is only admitting to manipulation in order to “make him [Senior Counsel N. Sreenivasan] happy” after a protracted and frustrating back-and-forth that ended only when Justice Hoo Sheau Ping intervened.

Tai, who was once part of Soh’s “inner circle” of brokers and remisiers, was first asked by Sreenivasan if he had ever used the proxy accounts allegedly linked to Soh to carry out a pattern of trading which would benefit his own accounts. Tai was silent for a while as he stared at the screen before him, appearing to be thinking about his answer until Hoo prompted him.

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