Yesterday (May 5), Singapore High Court judge Hoo Sheau Peng found Soh, 63, guilty of 180 charges of the 188 while Quah – his “long-term partner in both business and personal affairs” – was convicted on 169 of 177 charges she faced. Their sentencing will take place at a later date. Both Soh and Singaporean Quah, 58, are currently staring at a jail term of up to seven years, a fine of up to S$250,000 or both for each charge under the Securities and Futures Act.
They further face an imprisonment of up to 10 years and a fine for each charge under section 420 of the Penal Code as well as jail of up to seven years, a fine or both for each charge under section 204A of the Penal Code. Additionally, both Soh and Quah also face imprisonment of up to two years, a fine of up to S$10,000 or both for each charge under section 148 of the Companies Act.
What is intriguing about this case is not so much about the guilty verdict as this is already very much expected but the persona of the Batu Pahat (Johor)-born Soh whom friends described as a person with integrity – an individual who achieved success due to hard work and tenacity.
Soh’s background - Those who knew him back in the day remember him as an over-achiever. Having attended Batu Pahat High School – the alma mater of tycoon Tan Sri Vincent Tan Chee Yioun and now-retired DAP supremo Lim Kit Siang – Soh was an all-rounder in school.
He was president of the English and debating clubs, and active in badminton, softball and athletics. In 1979, he furthered his studies in economics in Universiti Malaya but dropped out after three days. This prompted the enterprising Soh to venture into sales where he made his first million at the age of 21 with his first direct sales company.
He was declared a bankrupt in 1984 following a credit crunch but he eventually found his true calling – turning around unprofitable listed companies using ‘unconventional’ methods till he was touted a “high profile deal maker” and much later “a fugitive businessman”.
At his peak, he controlled listed counters such as Autoways Holdings Bhd, Promet Bhd, Kelanamas Industries Bhd, Uniphoenix Corp Bhd and Kuantan Flour Mills Bhd.
Politically, Soh became an MCA member at 21. He was later elected as Petaling Jaya MCA division chief and often credited with establishing a service centre with its own staff – a first in the party’s history. This is where he caught the eyes of former party president Tun Dr Ling Liong Sik and even embarked on a business venture with Dr Ling’s eldest son, Ling Hee Liong.
In 1995, Soh was appointed to the party’s presidential council and was tasked by MCA bigwigs ‘to court’ Datuk Seri Anwar Ibrahim Anwar as he was then regarded as a Prime Minister-in-waiting material.
Soh and Anwar ended up becoming good friends while Soh’s ties with Dr Ling ended as Soh chose to march alongside Anwar in the Sept 20 reformasi rally soon after Anwar was sacked as Deputy Prime Minister in 1998.
Corporate trouble - In 1997, Soh courted major trouble with the Securities Commission (SC) after the stock market regulator launched an investigation into Soh for using nominees to gain control of brokerage firm Omega Securities Sdn Bhd.
In 1999, he was charged by the SC with two offences to defraud the now defunct stockbroking firm Omega Securities Sdn Bhd of over RM400 mil.
Soh was deemed to have violated the Malaysian law that forbids anyone from owning more than one brokerage without government approval. Soh controlled at least one other brokerage firm at the time.
In April that year, he fled the country and went into hiding. Subsequently, the SC issued a warrant of arrest against him on April 19, 2000 and sought help from the Interpol through the Home Ministry. Interpol later put Soh on their list of wanted persons.
In 2002, he returned to Malaysia and was eventually charged at the Shah Alam Sessions Court. Soh was later fined RM6 mil by the Sessions Court when he pleaded guilty to a charge of abetting former TA Securities Holdings Bhd executive chairman Datuk Tiah Thee Kian by providing false statements to the Kuala Lumpur Stock Exchange (now Bursa Malaysia) involving shares in Omega Securities.
In light of the recent Serba Dinamik Holdings Bhd’s “let-off with a slap on the wrist”, perhaps the Malaysian authorities should perform self-reflection or emulate the rigidness of their Singaporean counterparts in upholding the notion that fraud has no place in the capital markets for it can severely tarnish a country’s reputation in the eyes of potential investors. – May 6, 2022
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