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.
Quah Su-Ling and Malaysian John Soh Chee Wen were the masterminds behind an elaborate scheme to artificially inflate the value of shares of Blumont Group Ltd (Blumont), Asiasons Capital Ltd (Asiasons) and LionGold Corp Ltd (LionGold), the statement said.
