The verdict on Singapore’s largest share manipulation case will soon be handed down. Here is a recap of the multi-year saga and the closing arguments from both sides
On May 5, Justice Hoo Sheau Peng will deliver her verdict following the multi-year trial of John Soh Chee Wen and Quah Su-Ling. The two “long-term partners in both business and personal affairs” are accused of being the masterminds behind the manipulation of three penny stocks back in 2013 which crashed spectacularly in the end. The episode has been described as Singapore’s largest-ever case of share manipulation that tarnished the market and paved the way for a slew of new market regulations.
Born in Batu Pahat, Malaysia, Soh faces 188 charges ranging from market manipulation to deception to witness tampering. Quah, who came from a rich Penang family, was the former CEO of IPCO International (renamed Renaissance United in 2018) and faces 177 largely similar charges.