Malaysian businessman John Soh and girlfriend found guilty in Singapore's S$8bil penny stock crash

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

SINGAPORE (The Straits Times/Asia News Network): 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 S$8 billion from the Singapore stock market in October 2013, the High Court ruled on Thursday afternoon (May 5).

High Court judge Hoo Sheau Peng convicted Soh on 180 market manipulation, cheating and witness tampering charges and a majority of deception charges.

Soh, 62, who looked visibly thinner, has been in remand since November 2016 and faced a total of 188 charges.

Quah, 57, was convicted of 169 market manipulation and cheating charges, and a majority of deception charges. The former chief executive of Ipco (now renamed Renaissance United) is out on bail of $4 million and faced a total of 177 charges.

Both were acquitted of eight deception charges.

Their sentencing will take place at a later date.

More than 40 people 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. - The Straits Times/ANN

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Singapore , court , John Soh , Quah Su-Ling , penny , stock , crash


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