John Soh, Quah Su-Ling found guilty of most charges in Singapore's $8b penny stock crash

[SBFNews]

John Soh, Quah Su-Ling found guilty of most charges in Singapore's $8b penny stock crash​

The stock market manipulation was masterminded by John Soh Chee Wen and his girlfriend Quah Su-Ling. PHOTOS: LIANHE ZAOBAO, KEVIN LIM

Grace Leong
Senior Business Correspondent
UPDATED

2 MINS AGO

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SINGAPORE - Malaysian businessman John Soh Chee Wen and his girlfriend Quah Su-Ling were convicted as masterminds of Singapore's most serious case of market manipulation that wiped out more than $8 billion from the Singapore stock market in October 2013.
High Court judge Hoo Sheau Peng on Thursday afternoon (May 5) found Soh guilty of 180 charges of the 188 he was facing, while Quah was convicted on 169 of 178 she faced.
Both were acquitted of eight deception charges. Their sentencing will take place at a later date.

The duo conspired to artificially inflate the share prices of penny stocks Blumont Group, Asiasons Capital and LionGold Corp - known collectively as BAL - for over a year through a web of 189 trading accounts held with 20 financial institutions in the names of 60 individuals and companies.
They manipulated the market for and price of BAL shares by controlling, obtaining financing for, conducting illegitimate trading activity in, and coordinating their use of the 189 accounts.
They allegedly drew on their personal and professional relationships to obtain control over 164 accounts, with the remaining 25 accounts being in Quah’s name or companies within her control.


Based on these connections, the accountholders purportedly allowed the accused persons to use their accounts to trade BAL shares.

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“Participation in criminal conspiracy itself is an offence,” Justice Hoo Sheau Peng said in her verdict delivered on Thursday, as she found that 187 of the 189 accounts were controlled by the duo.
The judge noted that Soh and Quah “remained extensively involved with matters pertaining to the accounts even after the crash on October 4, 2013. This included negotiations of settlements with the financial institutions and the settlement of the losses.
“I do not accept (Soh’s) characterisations of his involvement, as provision of benevolent help to the accountholders in a dire time of great financial loss,”
Soh, 62, who looked visibly thinner, has been in remand since November 2016, while Quah, the former chief executive of Ipco (now renamed Renaissance United) is out on bail of $4 million.
More than 40 people including Quah’s family and friends were in attendance at Thursday’s court hearing after the verdict was delivered, which came after nearly 200 days of trial over the past three years, with close to 100 prosecution witnesses giving testimony.

 

[batman1]

This case took Nine years ago to settle.