Malaysian mastermind of 2013 Singapore penny stocks crash gets 36 years’ jail

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Kuala Lumpur: Malaysian businessman John Soh Chee Wen was sentenced today to 36 years’ jail after being found guilty of masterminding Singapore’s biggest stock market manipulation that wiped out nearly S$8 billion in 2013, several news outlets reported.

Soh’s co-conspirator Quah Su-Ling was sentenced to 20 years' jail, The Edge Singapore and Channel News Asia reported. The Straits Times reported that Soh and Quah – now aged 62 and 57 respectively – are appealing against their Singapore jail sentences.According to The Edge Singapore, the prosecution wanted 40 years in jail for Soh and 19-and-a-half for Quah.

In the largest stock market manipulation case in Singapore, the duo were accused of manipulating three penny stocks – Blumont Group Ltd , Asiasons Capital Ltd and LionGold Corp Ltd known collectively as BAL shares – by artificially inflating their share prices. The BAL share prices collapsed on October 4, 2013 which resulted in US$8 billion being wiped out from the Singapore stock market.

 

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