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The Edge Says: Singapore gets it right — Severe punishment is the best deterrent against future commercial crimes

The Edge Markets
·1-min read

A Singapore court has sentenced Malaysian John Soh Chee Wen to 36 years in jail.

A Singapore court has sentenced Malaysian John Soh Chee Wen — who was found guilty of masterminding the manipulation of three penny stocks that eventually collapsed and wiped off $8 billion in market capitalisation in 2013 — to 36 years in jail. His main accomplice Quah Su Ling, another Malaysian, was given 20 years.

Soh was convicted of 180 of the 188 charges he faced for forced trading, price manipulation and deception. Quah was guilty of 169 of the 178 charges she faced. The two intend to appeal against their conviction and sentence.

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In her oral judgement, judge Hoo Sheau Peng said, "Armed with a good understanding of the securities and financial markets, and tapping on their extensive connections and networks, they boldly exploited the system. They personally minded and tended to the intricate scheme they devised on an almost daily basis for a prolonged period of 14 months, taking steps to evade detection by the authorities."

Hoo also pointed out that by the crash, “immense harm was caused”.

If the appeal fails, Soh, 62, will have to spend 30 years in prison — the six years spent in remand is deducted from the 36-year sentence.

The crime that Soh committed is the biggest-ever case of share price manipulation in the Singapore Stock Exchange (SGX)’s history. The three stocks involved were Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd.

This article was first featured on The Edge Markets. Click on this link to get the full story.

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