<p>【新加坡】上訴法院維持了下級法院的判決，駁回了新加坡 2013 年便士股票崩盤的共謀者 John Soh Chee Wen 和 Quah Su-Ling 減刑的申請，分別判處 36 年和 20 年的監禁。</p>
<p>在對新加坡歷史上最長的市場操縱監禁判決中，高等法院考慮了該計劃的規模和複雜性，以及其造成的嚴重傷害，該計劃在 2013 年 10 月使近 80 億新元的股市價值蒸發。</p>
<p>在經歷了近四年、近 200 天的審判後，66 歲的 Soh 和 62 歲的 Quah 於 2022 年 12 月被判定共 349 項罪名成立，創下紀錄，包括虛假交易、價格操縱、欺詐和詐騙。Soh 還因干擾證人被追加了八項指控。</p>
<p>這對二人於 2025 年 10 月未能成功上訴，推翻他們在 2022 年因操縱 Blumont Group、Asiasons Capital 和 Liongold Corp（統稱為 BAL）股票而被判定有罪的判決，時間跨度為 2012 年 8 月至 2013 年 10 月。他們通過 20 家金融機構的 187 個賬户進行交易，許多機構被誤導，延長了對該計劃的融資。</p>
<p>在駁回 Soh 和 Quah 減刑的上訴時，首席法官 Sundaresh Menon、法官 Tay Yong Kwang 和高級法官 Andrew Phang 於 3 月 18 日的判決中維持了高等法院法官 Hoo Sheau Peng 的判決，認為這些判決是合理的，符合以往案例的先例，並不明顯過重。</p>
<p>檢方由副檢察官 Jiang Ke-Yue 主導，辯稱 Soh 的律師、資深顧問 N Sreenivasan 引用的其他市場操縱案件，包括巴林銀行的崩潰，均無法與 BAL 計劃相提並論。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>將洞察力送到您的郵箱。</p>
<p>在宣讀判決時，首席法官 Menon 發現 Soh“精心協調了他的計劃，以顛覆《證券和期貨法》引入的目的，以規範市場活動和透明度，並損害了新加坡作為金融中心的聲譽”。</p>
<p>法院還發現 “沒有理由減輕” Quah 的 20 年刑期，指出她 “濫用了” 作為新加坡上市公司 IPCO International 前首席執行官的職務。</p>
<p>Quah，Soh 的前合作伙伴，曾 “嚴重依賴法官的觀察，認為她是（Soh 的）助手”，即僅僅跟隨指示，並未在陰謀中發揮關鍵作用。</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f3d1f28890c4f135c38e166c667befbc659ed8152ee9ab263b04f487bc1a239a/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f3d1f28890c4f135c38e166c667befbc659ed8152ee9ab263b04f487bc1a239a/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>法院駁回 2013 年便士股票崩盤主謀 John Soh 及共謀者 Quah Su-Ling 的上訴</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/91b906ab311a98e5ca6de5202af8adc16b1cebdeb6e7089673c88661c4dd20f6/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/91b906ab311a98e5ca6de5202af8adc16b1cebdeb6e7089673c88661c4dd20f6/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>騙子名單：大規模白領犯罪者 – 付出了慘重代價</h3>
<p><img src="https://imageproxy.pbkrs.com/https://d2kxlefydm4hr1.cloudfront.net/image/businesstimes/2391a222bf45de7bb4660608ccc6b26fef2b008e4fa1709eeb8b9b222ba01761/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://d2kxlefydm4hr1.cloudfront.net/image/businesstimes/2391a222bf45de7bb4660608ccc6b26fef2b008e4fa1709eeb8b9b222ba01761/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>檢方尋求對便士股票崩盤主謀判處 40 年監禁，對前女友判處 19 年半監禁</h3>
<p>“但（Quah）對此論點的接受程度是有限的，尤其是她選擇在審判期間不作證，” 法院表示。</p>
<p>檢方表示 Quah 的角色遠比她所聲稱的要大，且從一開始就參與了該計劃，並監督交易操作等。</p>
<p>Quah 於 2025 年 10 月 17 日開始服刑 20 年，Soh 自 2016 年 11 月 25 日起被拘留，二人手銬相扣，身穿紫色囚服出庭。</p>
<p>至少有九名她的親屬和朋友，包括來自馬來西亞的同學在公眾席上，法院允許他們在 Quah 被監獄警衞帶走前與她簡短交談。</p>
<p>Quah 的律師 N Sivananthan 還因在早期上訴程序中的 “不當行為” 被判支付給檢方 10,000 新元的費用。</p>
<p>這包括指控審判法官對他的客户有偏見，在審判中表現出 “過度干預”，並在發現 Soh 有罪後推斷 Quah 有罪。</p>
<p>法院發現 Sivananthan“行為不當”，“對法官提出毫無根據的指控，浪費了法院資源”。</p>
<p>雖然 Sivananthan 已向法院道歉並提交了正式道歉，但首席法官 Menon 認為這 “並不能免除他的不當行為”，但表示 “影響” 有所減輕，並且 “此事可以通過 10,000 新元的費用判決得到解決”。《海峽時報》</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。請在此註冊以獲取解碼亞洲通訊，送到您的郵箱，免費。</p>

<p>新加坡上訴法院維持了 John Soh Chee Wen 和 Quah Su-Ling 的判刑，駁回了他們分別減刑 36 年和 20 年的申請。這一高等法院的裁決是新加坡市場操縱案件中最長的監禁刑期，考慮到了他們行為造成的巨大損害，導致近 80 億新元的損失。法院認為沒有理由減輕 Quah 的刑期，強調了她在該計劃中的重要角色</p>

<p>[SINGAPORE] The Court of Appeal has upheld a lower court’s sentences and dismissed applications by John Soh Chee Wen and Quah Su-Ling, co-conspirators behind Singapore’s 2013 penny stock crash, to reduce their jail terms of 36 years and 20 years respectively.</p>
<div class="lb-trans"><p>【新加坡】上訴法院維持了下級法院的判決，駁回了新加坡 2013 年便士股票崩盤的共謀者 John Soh Chee Wen 和 Quah Su-Ling 減刑的申請，分別判處 36 年和 20 年的監禁。</p>
</div><p>In meting out the longest custodial sentence for market manipulation in Singapore’s history, the High Court took into account the scale and sophistication as well as the severity of the harm caused by a scheme that wiped out almost S$8 billion in stock market value in October 2013.</p>
<div class="lb-trans"><p>在對新加坡歷史上最長的市場操縱監禁判決中，高等法院考慮了該計劃的規模和複雜性，以及其造成的嚴重傷害，該計劃在 2013 年 10 月使近 80 億新元的股市價值蒸發。</p>
</div><p>In December 2022, after a trial that lasted nearly 200 days over nearly four years, Soh, 66, and Quah, 62, were convicted of a record 349 successful charges in total that included false trading, price manipulation, deception and cheating. Soh received an additional eight charges for witness tampering.</p>
<div class="lb-trans"><p>在經歷了近四年、近 200 天的審判後，66 歲的 Soh 和 62 歲的 Quah 於 2022 年 12 月被判定共 349 項罪名成立，創下紀錄，包括虛假交易、價格操縱、欺詐和詐騙。Soh 還因干擾證人被追加了八項指控。</p>
</div><p>The duo lost their appeal in October 2025 to overturn their 2022 convictions for manipulating the shares of Blumont Group, Asiasons Capital and Liongold Corp – collectively referred to as BAL – between August 2012 and October 2013. They had orchestrated trades through 187 accounts across 20 financial institutions, many of which had been misled into extending financing for the scheme.</p>
<div class="lb-trans"><p>這對二人於 2025 年 10 月未能成功上訴，推翻他們在 2022 年因操縱 Blumont Group、Asiasons Capital 和 Liongold Corp（統稱為 BAL）股票而被判定有罪的判決，時間跨度為 2012 年 8 月至 2013 年 10 月。他們通過 20 家金融機構的 187 個賬户進行交易，許多機構被誤導，延長了對該計劃的融資。</p>
</div><p>In rejecting Soh and Quah’s appeals to reduce their jail sentences, chief justice Sundaresh Menon, justice Tay Yong Kwang and senior judge Andrew Phang in a judgment delivered on Mar 18, upheld the sentences handed down by High Court Judge Hoo Sheau Peng, finding that these were reasonable, in line with precedents from previous cases and not manifestly excessive.</p>
<div class="lb-trans"><p>在駁回 Soh 和 Quah 減刑的上訴時，首席法官 Sundaresh Menon、法官 Tay Yong Kwang 和高級法官 Andrew Phang 於 3 月 18 日的判決中維持了高等法院法官 Hoo Sheau Peng 的判決，認為這些判決是合理的，符合以往案例的先例，並不明顯過重。</p>
</div><p>The prosecution, led by Deputy Public Prosecutor Jiang Ke-Yue, had argued that none of the other market manipulation cases cited by Soh’s lawyer, Senior Counsel N Sreenivasan, including the collapse of Barings Bank, came close to the BAL scheme.</p>
<div class="lb-trans"><p>檢方由副檢察官 Jiang Ke-Yue 主導，辯稱 Soh 的律師、資深顧問 N Sreenivasan 引用的其他市場操縱案件，包括巴林銀行的崩潰，均無法與 BAL 計劃相提並論。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>將洞察力送到您的郵箱。</p>
</div><p>Delivering the judgment, CJ Menon found that Soh had “carefully coordinated his scheme to subvert the very purpose for which the Securities and Futures Act was introduced to regulate market activities and transparency, and harmed Singapore’s reputation as a financial centre”.</p>
<div class="lb-trans"><p>在宣讀判決時，首席法官 Menon 發現 Soh“精心協調了他的計劃，以顛覆《證券和期貨法》引入的目的，以規範市場活動和透明度，並損害了新加坡作為金融中心的聲譽”。</p>
</div><p>The court also found “no reason to reduce” Quah’s sentence of 20 years, noting that she had “abused her position” as the former chief executive of Singapore-listed IPCO International.</p>
<div class="lb-trans"><p>法院還發現 “沒有理由減輕” Quah 的 20 年刑期，指出她 “濫用了” 作為新加坡上市公司 IPCO International 前首席執行官的職務。</p>
</div><p>Quah, Soh’s ex-partner, had “relied heavily on the judge’s observation that she was (Soh’s) Girl Friday assistant,” or one who simply followed instructions and did not play a key role in the conspiracy.</p>
<div class="lb-trans"><p>Quah，Soh 的前合作伙伴，曾 “嚴重依賴法官的觀察，認為她是（Soh 的）助手”，即僅僅跟隨指示，並未在陰謀中發揮關鍵作用。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f3d1f28890c4f135c38e166c667befbc659ed8152ee9ab263b04f487bc1a239a/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/f3d1f28890c4f135c38e166c667befbc659ed8152ee9ab263b04f487bc1a239a?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Court rejects appeal of 2013 penny stock crash mastermind John Soh and co-conspirator Quah Su-Ling</h3>
<div class="lb-trans"><h3>法院駁回 2013 年便士股票崩盤主謀 John Soh 及共謀者 Quah Su-Ling 的上訴</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/91b906ab311a98e5ca6de5202af8adc16b1cebdeb6e7089673c88661c4dd20f6/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/91b906ab311a98e5ca6de5202af8adc16b1cebdeb6e7089673c88661c4dd20f6?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Swindlers list: White-collar criminals who went big – and paid big</h3>
<div class="lb-trans"><h3>騙子名單：大規模白領犯罪者 – 付出了慘重代價</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://d2kxlefydm4hr1.cloudfront.net/image/businesstimes/2391a222bf45de7bb4660608ccc6b26fef2b008e4fa1709eeb8b9b222ba01761/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://d2kxlefydm4hr1.cloudfront.net/image/businesstimes/2391a222bf45de7bb4660608ccc6b26fef2b008e4fa1709eeb8b9b222ba01761?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Prosecutors seek 40-year jail sentence for penny stock crash mastermind, 19½ years for ex-girlfriend</h3>
<div class="lb-trans"><h3>檢方尋求對便士股票崩盤主謀判處 40 年監禁，對前女友判處 19 年半監禁</h3>
</div><p>“But there is a limit that (Quah) can take this argument, especially since she elected not to give evidence during the trial,” the court said.</p>
<div class="lb-trans"><p>“但（Quah）對此論點的接受程度是有限的，尤其是她選擇在審判期間不作證，” 法院表示。</p>
</div><p>The prosecution said Quah played a far larger role than she claimed, and was involved in the scheme from its inception and oversaw trading operations, among other things.</p>
<div class="lb-trans"><p>檢方表示 Quah 的角色遠比她所聲稱的要大，且從一開始就參與了該計劃，並監督交易操作等。</p>
</div><p>Quah, who began serving her 20-year sentence on Oct 17, 2025, and Soh, who has been in remand since Nov 25, 2016, arrived in court handcuffed and dressed in a purple prison jumpsuits.</p>
<div class="lb-trans"><p>Quah 於 2025 年 10 月 17 日開始服刑 20 年，Soh 自 2016 年 11 月 25 日起被拘留，二人手銬相扣，身穿紫色囚服出庭。</p>
</div><p>At least nine of her relatives and friends including classmates from Malaysia were in the public gallery and were allowed by the court to speak briefly with her before she was taken away by the prison guards.</p>
<div class="lb-trans"><p>至少有九名她的親屬和朋友，包括來自馬來西亞的同學在公眾席上，法院允許他們在 Quah 被監獄警衞帶走前與她簡短交談。</p>
</div><p>Quah’s lawyer N Sivananthan was also hit with a costs order of S$10,000 payable to the prosecution for “improper conduct” on his part during earlier appeal proceedings.</p>
<div class="lb-trans"><p>Quah 的律師 N Sivananthan 還因在早期上訴程序中的 “不當行為” 被判支付給檢方 10,000 新元的費用。</p>
</div><p>This included alleging that the trial judge was biased against his client, had shown “excessive interference” in the trial, and had inferred guilt on Quah after finding Soh guilty of witness tampering.</p>
<div class="lb-trans"><p>這包括指控審判法官對他的客户有偏見，在審判中表現出 “過度干預”，並在發現 Soh 有罪後推斷 Quah 有罪。</p>
</div><p>The court found that Sivananthan had “acted improperly”, “cast baseless aspersions against the judge and wasted court resources”.</p>
<div class="lb-trans"><p>法院發現 Sivananthan“行為不當”，“對法官提出毫無根據的指控，浪費了法院資源”。</p>
</div><p>While Sivananthan had apologised and tendered a formal apology to the court, CJ Menon found that it “doesn’t absolve him of misconduct”, but said the “sting” was somewhat reduced, and “the matter can be laid to rest” with the costs order of S$10,000. THE STRAITS TIMES</p>
<div class="lb-trans"><p>雖然 Sivananthan 已向法院道歉並提交了正式道歉，但首席法官 Menon 認為這 “並不能免除他的不當行為”，但表示 “影響” 有所減輕，並且 “此事可以通過 10,000 新元的費用判決得到解決”。《海峽時報》</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。請在此註冊以獲取解碼亞洲通訊，送到您的郵箱，免費。</p>
</div>

便士股崩盤的主謀 John Soh 和 Quah Su-Ling 未能成功縮短刑期