Singapore's Court of Appeal has dismissed the final appeals of John Soh Chee Wen and Quah Su-Ling, upholding their prison sentences for orchestrating the nation's largest securities fraud. The court found no reason to disturb the sentences imposed by the High Court in 2022.
John Soh, the mastermind, will serve a 36-year jail term, while his accomplice, Quah Su-Ling, will serve 20 years. The pair were convicted for their roles in a sophisticated scheme that artificially inflated and deflated the share prices of three companies listed on the Singapore Exchange: Blumont Group, Asiasons Capital, and LionGold Corp.
The manipulation, which occurred in 2013, caused massive losses to the market, wiping out approximately S$8 billion in market value. The prosecution described it as the most serious case of stock market manipulation in Singapore's history. The court's decision on March 18, 2026, brings a definitive end to the long-running legal proceedings.
