In a joint statement, the Attorney-General’s Chambers (AGC), Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) said they would not hesitate to act against misconduct to safeguard the island nation’s reputation as an international financial centre.

“We will not tolerate any attempt to subvert our criminal justice system,” said chief prosecutor Tan Kiat Pheng.

“We will continue to work closely with our law enforcement agencies and regulators to safeguard Singapore’s reputation as an international financial centre.”

Soh’s co-conspirator, Quah Su-Ling, was sentenced to 20 years in prison for her role.

Soh and Quah are appealing their sentence, but Soh will not be appealing against the conviction for the charges under Section 148 of the Companies Act.

The charges under Section 148 of the Companies Act were related to “being concerned in the management of Blumont, Asiasons, and LionGold whilst being an undischarged bankrupt”.

Meanwhile, Loo Siew Yee, assistant managing director, policy payments and financial crime of MAS, said the duo’s actions had affected public confidence.

“The successful prosecution and stiff sentences leave no doubt as to the authorities’ resolve in acting against such misconduct,” Loo said.

Soh and Quah were found to have manipulated the share prices of Blumont Group, Asiasons Capital and LionGold Corp – collectively known as BAL – between August 2012 and October 2013, and in the process wiped out nearly S$8 billion (RM27 billion) of the market’s capitalisation.

On May 5, both were convicted of a total of 180 and 169 charges respectively. The High Court found the duo guilty of charges relating to market manipulation and price manipulation, engaging in deceptive practices against financial institutions and cheating two financial institutions.

In addition, Soh was found guilty of witness tampering, and for being part of the management of the three companies while being an undischarged bankrupt.