Soh was convicted of 180 of the 188 charges he faced while Quah was found guilty for 169 of the 178 charges she faced.
The two “long-term partners in both business and personal affairs” had been on trial since March 2019 for orchestrating the manipulation of three penny stocks, Blumont Group, Asiasons Capital and LionGold Corp — collectively known as BAL — between 2012 and 2013. The stocks crashed in October 2013 and destroyed some $8 billion in market value.
The episode has been described as Singapore’s largest-ever case of share manipulation and involved 189 securities trading accounts held with 20 financial institutions and 60 individuals and companies.
The prosecution had previously sought 40 years' and 19-and-a-half years jail for Soh and Quah respectively.
