Quah Su-Ling, who got 20 years, and John Soh were found to have manipulated the share prices of Blumont Group, Asiasons Capital and LionGold.
| Singapore’s High Court has sentenced the masterminds behind the country’s largest sharemarket manipulation to decades in jail, according to a joint statement on Wednesday from the Attorney-General’s Chambers, Singapore Police Force and Monetary Authority of Singapore.
The duo linked to a 2013 penny-stock rout – Malaysian businessman John Soh and Quah Su-Ling – were sentenced to 36 years and 20 years in jail, respectively. Both are appealing their sentences, according to the statement.The pair were found, among other things, to have manipulated the share prices of Blumont Group, Asiasons Capital and LionGold between August 2012 and October 2013, and cheating two financial institutions, the statement said.
“The elaborate scheme masterminded by the offenders to manipulate shares listed on SGX led to large losses by investors and harmed public confidence in the integrity of Singapore’s capital markets,” said Loo Siew Yee, assistant managing director, policy payments and financial crime, at the Monetary Authority of Singapore.
“The successful prosecution and stiff sentences leave no doubt as to the authorities’ resolve in acting against such misconduct,” she said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pair behind $8.75 billion scam handed massive jail sentence in Singapore's 'most serious case' of stock market manipulationJohn Soh Chee Wen, who orchestrated the scheme, and his accomplice, Quah Su-Ling, were handed a collective 56-year jail term following the four-year trial.
Read more »
'Don't let a minority ruin our game': John Aloisi defends embattled ALM competitionWestern United coach and Socceroos great John Aloisi says he will continue to fight for football and the A-League Men's competition despite a dire fortnight.
Read more »
Australia's largest outdoor festival returns with bumper crowds after three-year hiatusMore than 120,000 people are expected to visit Woodford Folk Festival over the next six days to see music acts like John Butler, Boy & Bear and The Black Seeds.
Read more »
Free market is not god-given right, international business chief warnsThe private sector needs to do more to convince the world it’s a force for good, according to the Secretary General of the International Chamber of Commerce John Denton.
Read more »
Labor government don’t want to show ‘the details’ of the Voice to ParliamentInstitute of Public Affairs John Roskam says the Labor government don’t want to show “the details” of the Voice to Parliament. “There is no majority support for the referendum at the moment,” Mr Roskam told Sky News host Rita Panahi. “There is no majority support for the change of our constitution in any Australian state. “The government isn’t encouraging a debate.”
Read more »
Victorians are ‘not going to be able to afford’ Daniel Andrews ‘for much longer’Institute of Public Affairs John Roskam says Victorians are seeing “ballooning debt” and are “not going to be able to afford” Daniel Andrews spending habits “for much longer”. “We have railway projects and transport projects that are political projects about changing the demographics and the politics of the seats in parliament, where the transport is going to be running through,” Mr Roskam told Sky News host Rita Panahi. “It’s not much about public transport, it’s not much about infrastructure these days.”
Read more »