Abstract:
This case comment analyses the Court of Appeal’s decision in Soh Chee Wen v Public Prosecutor [2025] 2 SLR 176, which concluded one of Singapore’s most sophisticated market-manipulation scheme prosecution. Over 14 months, the appellants manipulated the share prices and liquidity of Blumont, Asiasons, and LionGold through extensive wash trades, rollover contra trading, and co-ordinated use of 189 trading accounts, ultimately leveraging artificially inflated shares for financing and prospective acquisitions. The courts affirmed their convictions under ss 197 and 201(b) of the Securities and Futures Act, clarifying key mens rea standards, the scope of “purpose” under s 197, and the interpretation of “involvement” in deceptive trading under s 201(b). The case also highlighted structural vulnerabilities in Singapore’s market-supervision regime, including weaknesses in beneficial-ownership verification and credit-facility controls. Against the backdrop of initiatives to deepen Singapore’s equity markets, the decision underscores the need for continuous regulatory refinement to maintain market integrity amidst increasingly sophisticated manipulation techniques.