Singapore prosecutors opened the trial for Malaysian businessman John Soh Chee Wen and former Ipco International chief executive Quah Su-Ling on Monday, accusing the pair of masterminding a massive stock manipulation scheme that collapsed in the penny stock crash of October 2013.
Those controlled accounts were behind 60 per cent of Blumont trades; 88 per cent of the trades in Asiasons shares; and 90 per cent of LionGold trades during the periods investigated, the prosecution said. Using BAL shares as collateral, the pair also obtained hundreds of millions of dollars of financing from financial institutions, prosecutors alleged.
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