Malaysian businessman John Soh Chee Wen and his girlfriend Quah Su-Ling were convicted as masterminds of Singapore’s most serious case of market manipulation that wiped out more than S$8bil from the Singapore stock market in October 2013.

High Court judge Hoo Sheau Peng yesterday found Soh guilty of 180 charges of the 188 he was facing, while Quah was convicted on 169 of 178 she faced.

Both were acquitted of eight deception charges. Their sentencing will take place at a later date.

The duo conspired to artificially inflate the share prices of penny stocks Blumont Group, Asiasons Capital and LionGold Corp - known collectively as BAL - for over a year through a web of 189 trading accounts held with 20 financial institutions in the names of 60 individuals and companies.

They manipulated the market for and price of BAL shares by controlling, obtaining financing for, conducting illegitimate trading activity in, and coordinating their use of the 189 accounts.

They allegedly drew on their personal and professional relationships to obtain control over 164 accounts, with the remaining 25 accounts being in Quah’s name or companies within her control. Based on these connections, the account-holders purportedly allowed the accused persons to use their accounts to trade BAL shares.

“Participation in criminal conspiracy itself is an offence,” Justice Hoo said, as she found that 187 of the 189 accounts were controlled by the duo.

The judge noted that Soh and Quah “remained extensively involved with matters pertaining to the accounts even after the crash on Oct 4, 2013. This included negotiations of settlements with the financial institutions and the settlement of the losses.

Soh, 62, has been in remand since November 2016, while Quah, the former chief executive of Ipco (now renamed Renaissance United) is out on bail of S$4mil .

 - ANN