How much shareholder value was lost in the 2013 stock crash?

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S$8 Billion in Shareholder Value Was Wiped Out During the 2013 Singapore Stock Market Crash

A significant financial downturn in October 2013, involving the collapse of share prices for Asiasons Capital Ltd, Blumont Group Ltd, and LionGold Corp, resulted in a loss of S$8 billion in shareholder value on the Singapore Stock Exchange. This event, which triggered a broader collapse of penny stocks in Singapore, is currently the subject of a committal hearing in the Singapore High Court. The proceedings aim to determine if businessman John Soh Chee Wen and two others should face trial for their alleged roles in manipulating these three penny stocks.
Legal Proceedings Underway for Alleged Stock Manipulation

The committal hearing for John Soh Chee Wen, accused in relation to the 2013 stock market crash, is progressing in the Singapore High Court. As of the second day of the hearing, seven additional witnesses were cross-examined, bringing the total number of witnesses who have testified under oath to nine out of 13 allowed to be cross-examined from an initial pool of 67. Soh faces 188 charges, including seven new charges for witness tampering and 181 charges for alleged violations of the Securities and Futures Act.
Key Individuals Involved in the Case

Alongside Soh, Quah Su-Ling, the chief executive officer of IPCO International, and former IPCO interim CEO Goh Hin Calm are also implicated. Quah faces 178 charges and is out on S$4 million bail, while Goh faces six charges and is on bail of S$750,000. Soh remains in custody. These individuals are alleged to have manipulated the three penny stocks that subsequently crashed.
Restrictions on Reporting Lifted for Committal Hearing

The High Court ordered the lifting of restrictions on media reporting for the committal hearing proceedings. Typically, these preliminary hearings are closed, with media barred from reporting testimonies and applications under Section 190 of the Criminal Procedure Code. This order, applied to all proceedings moving forward, allows for greater transparency in the case.
Witnesses Engaged by the Monetary Authority of Singapore

All witnesses called in this committal hearing have been engaged by the Monetary Authority of Singapore (MAS). Among those who have had their statements verified by the court are Professor Michael James Aitken, an expert from Australia's Capital Markets Cooperative Research Centre, and Peder Valentiner Boysen, deputy chief risk officer at Saxo Bank. Mary Ng Chi Ling, a representative from Interactive Brokers, also had her statement verified. The court is expected to decide by tomorrow whether Soh's case will proceed to trial.

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How much shareholder value was lost in the 2013 stock crash?

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