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

  • 📰 DailyExpress_MY
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 83%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines