SINGAPORE, March 20 — One of the three people implicated in the 2013 penny stock crash that wiped out S$8 billion (RM24 billion) from the Singapore stock market, pleaded guilty to two of six charges of abetment in manipulating three stocks, The Straits Times reported today.

The report said former interim Ipco International chief executive Goh Hin Calm was charged with abetment in manipulating the stocks of Blumont Group, Asiasons Capital and LionGold Corp (BAL).

According to the report, four other charges were taken into consideration.

The report said Goh was accused of being the “treasurer” behind the scheme and aided a Malaysian businessman, Soh Chee Wen, and former chief executive of Ipco (now renamed Renaissance United) Quah Su Ling to create a false market for the BAL shares.

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Market-rigging carries a fine not exceeding S$250,000, a jail term of up to seven years or both, per charge, it said.

The report said Goh pleaded guilty to two charges under Section 197(1)(b) and Section 109 of the Penal Code, for “intentionally aiding two others in perpetrating the most audacious, extensive and injurious market manipulation scheme ever in Singapore.”

The prosecution has asked for a sentence of three years’ imprisonment per charge, with the two sentences to run concurrently, it said.

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The most awaited trial of the alleged penny stock crash mastermind Soh, 59, and Quah, 54, will start this Monday.

Soh who has been on remand since the end of 2016, has to answer to 189 charges, including eight new charges of witness tampering which he faced in February 2017.

Soh has been denied bail, while Quah, who faces 178 charges, is out on bail of S$4 million. — Bernama