Duo on trial for penny stock crash in 2013

John Soh (left) and Quah Su-Ling allegedly exploited family, friends and business associates to manipulate the share prices of Blumont Group, Asiasons Capital (now Attilan Group) and LionGold Group.
John Soh (left) and Quah Su-Ling allegedly exploited family, friends and business associates to manipulate the share prices of Blumont Group, Asiasons Capital (now Attilan Group) and LionGold Group.PHOTOS: LIANHE ZAOBAO, ST FILE

The trial of Malaysian John Soh Chee Wen and Quah Su-Ling, accused of masterminding the 2013 penny stock crash that wiped out $8 billion from Singapore's stock market, began yesterday.

Soh and Quah pleaded not guilty to 189 and 178 charges, respectively, of manipulating the share prices of Blumont Group, Asiasons Capital (now Attilan Group) and LionGold Group - known collectively as BAL - from Aug 1, 2012, to Oct 3, 2013.

The prosecution outlined how the pair artificially inflated liquidity to attract genuine investors or push BAL share prices to certain levels to bolster corporate deals or share placements.

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A version of this article appeared in the print edition of The Straits Times on March 26, 2019, with the headline 'Duo on trial for penny stock crash in 2013'. Print Edition | Subscribe