A total of 189 trading accounts belonging to 58 individuals and corporate nominees were used for trading BAL shares prior to their crash on Oct 4, 2013, which wiped out some $8 billion in market value. Goldman Sachs, Interactive Brokers and Saxo Bank were among the financial institutions tapped to provide funding for the scheme.
The second and final tranche of the appeal hearing for convicted market manipulators John Soh Chee Wen and Quah Su-Ling concluded on May 8, Thursday, after three days of submissions from the defence and prosecution, with the apex court reserving judgement till a later date.
Soh and Quah were found guilty in 2022 by High Court Judge Hoo Sheau Peng of covertly controlling nominee accounts to manipulate the shares of Blumont, Asiasons and Liongold (BAL) and deceiving financial institutions into providing hundreds of millions in financing to fuel the scheme from August 2012 to October 2013.
