When the prices of these three shares crashed under short selling pressure in October 2013, some $8 billion in market value was destroyed.
Witness James Hong has been impeached by the prosecution for multiple inconsistencies in the testimonies he gave in court, versus statements he made earlier to the police.
Hong, a former executive director of Blumont Group, recently took the stand at the long-running trial of John Soh Chee Wen and Quah Su-Ling. The duo are on trial for allegedly orchestrating a massive share manipulation scheme that sent the prices of Blumont, LionGold Corp (since renamed Shen Yao Holdings) and Asiasons Capital (renamed Attilan Capital and subsequently, delisted).
