The Monetary Authority of Singapore, together with Attorney-General’s Chambers and the Singapore Police Force, issued a joint statement on the Court of Appeal’s decisions to dismiss appeals in Singapore’s largest market manipulation case and to uphold the 36 and 20 years’ imprisonment sentences imposed on Mr Soh Chee Wen and Ms Quah Su-Ling for manipulating the shares of Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd. The Court of Appeal had previously dismissed their appeals against conviction in October 2025, after the High Court convicted Mr Soh and Ms Quah on 180 and 169 charges respectively. It affirmed findings that the pair masterminded a scheme to inflate and manipulate prices using an extensive web of 187 trading accounts, and that they deceived Goldman Sachs International and Interactive Brokers LLC by representing the shares as legitimate collateral for margin financing despite knowing the shares were subject to manipulative trading. In rejecting the sentencing appeals on 18 March 2026, the Court of Appeal also rejected Mr Soh’s argument that the October 2013 price crash was caused by factors beyond his control, and considered Ms Quah’s lower culpability had already been reflected in her sentence. The joint statement reiterated that the authorities take a strict view of capital market abuse and will pursue offenders to protect Singapore’s financial integrity and market trust.
Monetary Authority of Singapore 2026-04-09
Monetary Authority of Singapore joins prosecutors and police in noting Court of Appeal upholds 36 and 20-year sentences in Blumont-Asiasons-LionGold share manipulation case
The Monetary Authority of Singapore, Attorney-General’s Chambers and Singapore Police Force issued a joint statement on the Court of Appeal’s dismissal of sentencing appeals in Singapore’s largest market manipulation case, upholding 36- and 20-year jail terms for Mr Soh Chee Wen and Ms Quah Su-Ling for manipulating shares of Blumont Group, Asiasons Capital and LionGold Corp. The Court affirmed they masterminded a scheme using 187 trading accounts, deceived Goldman Sachs International and Interactive Brokers by using manipulated shares as collateral, and rejected claims the 2013 price crash was beyond their control or that Ms Quah’s culpability was overstated. The authorities reiterated their strict stance on capital market abuse to protect Singapore’s financial integrity and market trust.