Singapore’s largest market manipulation case linked to John Soh and the crash of three penny stocks in 2013 is nearing a close. We relive the saga
The trial of John Soh Chee Wen which was linked to the October 2013 penny stock crash has to be one for the books. The case has been described as the largest share manipulation scheme ever on the local market as some $8 billion in value was destroyed.
Many shareholders got burnt in the process, undermining investor confidence and dampening interest in the market, especially the once-bustling mining sector which the Singapore Exchange (SGX) at one point tried to promote. New brooms and tougher rules were also introduced.