Singapore Finds Duo Guilty in 2013 Stock Manipulation Case
(Bloomberg) -- Singapore's High Court convicted the main duo linked to a penny-stock rout that wiped out S$8 billion ($5.8 billion) almost 10 years ago, in what prosecutors termed as the city-state's most serious case of market manipulation.
Malaysian businessman John Soh Chee Wen and Quah Su-Ling were found guilty for their roles in the stock crash, during a hearing in front of a packed courtroom on Thursday. The pair had faced over 100 charges each for accusations ranging from deception to price manipulation and witness tampering, and were found guilty of the majority of them.
The conviction is the culmination of years of investigation and a subsequent court trial into the rout that was blamed at that time for denting investor confidence and falling trading volumes. The trading irregularities related to three Singapore-listed companies whose stocks surged by at least 800% over nine months before they plunged during three days in October 2013.
Read More: The Man Prosecutors Say Is Likely Behind Singapore's Stock Rout
Soh and Quah will be sentenced at a later date, the Monetary Authority of Singapore and Singapore Police Force said in a joint statement. The duo will face imprisonment and fines under the charges, according to the statement.
Authorities raided more than 50 locations and interviewed over 70 individuals as part of the investigation. Evidence included more than two million emails, thousands of financial statements and phone records, and half a million trade orders, the MAS and the police said.
Soh's lawyers at K&L Gates Straits Law LLC said in response to a query from Bloomberg News that they are “studying the detailed judgment.” Quah was not represented in court.
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
