The alleged masterminds behind the manipulation of the three penny stocks that crashed on Oct 4, 2013, and their associates, tried to defend their stock prices when they came under selling pressure, right to the very end.

This was based on testimonies given by witnesses at the trial of John Soh Chee Wen and Quah Su-Ling, who are accused of masterminding a massive share manipulation operation centred on three counters: Blumont Group, Asiasons Capital and LionGold Corp, also collectively known as BAL. LionGold is now known as Shen Yao Holdings while Asiasons has since been delisted. Soh and Quah had allegedly used a web of dozens of trading accounts belonging to associates and their families and friends to pump up the prices of BAL shares to stratospheric levels.

See Khing Lim, remisier at Lim & Tan who was among the latest prosecution witnesses to take the stand, told the court how Quah herself had placed a big order of Blumont rights shares just minutes before the market closed on Oct 3, 2013. The following day, the prices of BAL shares would start their free fall, wiping out some $8 billion in market value along the way.

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