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Koyo International share manipulation mastermind slapped with 42 months’ imprisonment

Khairani Afifi Noordin
Khairani Afifi Noordin • 1 min read
Koyo International share manipulation mastermind slapped with 42 months’ imprisonment
According to prosecutors, Lin has also displayed a lack of remorse throughout proceedings.
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The mastermind behind the share price manipulation of Catalist-listed Koyo International 5OC -

, Andrew Lin Eng Jue, has been sentenced to 42 months’ imprisonment by district judge Chay Yuen Fatt at the State Courts.

Over a 17-month period between 2014 and 2016, Lin was accused of leading a scheme to manipulate the price of Koyo shares from a low of 16 cents Aug 12, 2014 to a high of 40 cents in January 2016.

The scheme involved the buying and selling of Koyo shares via a total of 53 trading accounts under the names of 15 individuals across eight brokerages.

When the scheme unravelled, Koyo share price crashed by almost 84%, closing at 5.6 cents on Jan 18, 2016 while the market capitalisation had dropped by an excess of $58 million.

According to prosecutors, Lin has also displayed a lack of remorse throughout proceedings. On top of being uncooperative, Lin provided “contrived and incredulous” responses to the Monetary Authority of Singapore during investigations — only pleading guilty in the face of overwhelming evidence.

As at 3.29pm, shares in Koyo are trading flat at 4.6 cents.

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