AGL 35.02 Decreased By ▼ -0.18 (-0.51%)
AIRLINK 123.90 Increased By ▲ 0.67 (0.54%)
BOP 5.15 Increased By ▲ 0.11 (2.18%)
CNERGY 3.88 Decreased By ▼ -0.03 (-0.77%)
DCL 8.05 Decreased By ▼ -0.10 (-1.23%)
DFML 43.71 Decreased By ▼ -0.51 (-1.15%)
DGKC 74.20 Decreased By ▼ -0.15 (-0.2%)
FCCL 24.50 Increased By ▲ 0.03 (0.12%)
FFBL 48.75 Increased By ▲ 0.55 (1.14%)
FFL 8.94 Increased By ▲ 0.16 (1.82%)
HUBC 143.65 Decreased By ▼ -2.20 (-1.51%)
HUMNL 10.69 Decreased By ▼ -0.16 (-1.47%)
KEL 3.99 Decreased By ▼ -0.01 (-0.25%)
KOSM 8.05 Increased By ▲ 0.05 (0.63%)
MLCF 32.85 Increased By ▲ 0.05 (0.15%)
NBP 57.75 Increased By ▲ 0.60 (1.05%)
OGDC 144.90 Decreased By ▼ -0.45 (-0.31%)
PAEL 25.48 Decreased By ▼ -0.27 (-1.05%)
PIBTL 5.78 Increased By ▲ 0.02 (0.35%)
PPL 116.45 Decreased By ▼ -0.35 (-0.3%)
PRL 24.05 Increased By ▲ 0.05 (0.21%)
PTC 11.05 No Change ▼ 0.00 (0%)
SEARL 58.60 Increased By ▲ 0.19 (0.33%)
TELE 7.49 No Change ▼ 0.00 (0%)
TOMCL 41.30 Increased By ▲ 0.20 (0.49%)
TPLP 8.25 Decreased By ▼ -0.06 (-0.72%)
TREET 15.10 Decreased By ▼ -0.10 (-0.66%)
TRG 56.23 Increased By ▲ 1.03 (1.87%)
UNITY 27.61 Decreased By ▼ -0.24 (-0.86%)
WTL 1.31 Decreased By ▼ -0.03 (-2.24%)
BR100 8,582 Increased By 10.3 (0.12%)
BR30 27,140 Decreased By -136.2 (-0.5%)
KSE100 81,787 Increased By 328 (0.4%)
KSE30 25,900 Increased By 99.9 (0.39%)

Three people whose alleged fraud wiped $5.6 billion off the Singapore stock exchange were charged Friday with manipulating the market. Malaysian John Soh Chee Wen and Singaporean Quah Su-Ling are accused of being the "masterminds" behind a plot that involved using over 180 trading accounts to inflate the share prices of three companies, authorities said.
Calling it the largest market manipulation in the city-state's history, prosecutors, police and the central bank said the "complex and elaborate fraud" involved the shares of Blumont Group, Asiasons Capital and LionGold Corp. Soh and Quah used the shares as collateral, convincing several banks including Goldman Sachs to extend more than Sg$170 million (US $119 million) credit to finance their scheme, a statement added. They then used this cash to create demand for penny stocks, with previous reports saying they managed to push up some prices by around 800 percent in the nine months leading up to October 2013. But on October 4, prices crashed, wiping huge sums off the value of the Singapore exchange. Singapore authorities say the incident dented investor confidence and directly affected trading volumes in 2014. Soh faces 181 charges of market manipulation and cheating while Quah, whom prosecutors say is in a relationship with Soh, faces 178 similar charges.

Copyright Agence France-Presse, 2016

Comments

Comments are closed.