All three individuals were charged back in November 2016 and are awaiting trial, which might begin later this year. Soh remains on remand while Quah and Goh are out on bail.
There have been significant changes at IPCO recently. On Feb 27, Carlson Clark Smith, was sacked from his job as the chief financial officer of the company. Earlier, on Jan 19, he was removed from his position as executive director of the company at an extra ordinary general meeting called by new controlling shareholder James Blythman.
Smith, who has been with IPCO since 2002, was accused “misconduct”, such as neglecting to visit the company’s overseas businesses and for not informing the board that his passport has been impounded by the police.
Blythman, a 33-year-old Australian, assumed control of the company last year when he paid for 880 million new shares at 0.18 cents each. With just $1.584 million, Blythman is the largest IPCO shareholder with a stake of 14.24%.
As of Oct 31 2017, IPCO has a net asset value of two cents.
Year to date, IPCO shares have remained flat at 0.2 cent.
