Singapore convicts two linked to $6 billion penny-stock crash


  • World
  • Friday, 06 May 2022

SINGAPORE (Reuters) - Singapore's high court has convicted two people over what authorities consider to be the largest market manipulation case in the city-state, a joint statement by the Singapore police and Monetary Authority of Singapore said on Thursday.

For almost a decade, Singapore authorities have been investigating suspected trading irregularities tied to a so-called penny-stock crash in late 2013 that wiped out around S$8 billion ($5.78 billion) from the value of three companies within the space of a few days.

Save 30% OFF The Star Digital Access

Monthly Plan

RM 13.90/month

RM 9.73/month

Billed as RM 9.73 for the 1st month, RM 13.90 thereafter.

Best Value

Annual Plan

RM 12.33/month

RM 8.63/month

Billed as RM 103.60 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In World

UN agency says Chornobyl nuclear plant's protective shield damaged
Canada removes Syria from its list of foreign state supporters of terrorism
Spain to slaught 30,000 pigs amid swine fever control measures
U.S. stocks close higher
2025 Poland "Chinese Film Festival" opens in Warsaw
Pakistan, Afghanistan exchange heavy fire along border, officials say
US judge clears Justice Department to release Epstein grand jury transcripts
Crude futures settle higher
U.S. dollar stays flat
Bulgaria rescuing sanctioned tanker that was hit by Ukrainian drone

Others Also Read