PKR Student's wing deputy chairperson Dharshinee Suresh Kumar urged Muda central executive committee member Dian Lee to clarify Clear Water Development Sdn Bhd's role in Blumont Group Ltd, which was among the firms in Singapore's penny stock controversy.
"The rakyat needs answers," Dharshinee said on Twitter. Lee (above), the daughter of tycoon Lee Kim Yew, was not charged with any crime.
It’s been 10 hours since, so anyone from @partimuda or @iamdianlee herself is gonna clarify on this scandal involving one of their JKEP ?
— Dharshinee Suresh Kumar (@dharshinee_sk) May 6, 2022
Rakyat perlukan jawapan. Dia bukan sahaja anggota parti tapi mempunyai jawatan yang lumayan tinggi dalam parti jua. https://t.co/1FAw4FcXAb
On Thursday, tycoon Soh Chee Wen and his partner Quah Su-Ling were convicted by the Singapore High Court for market manipulation and cheating offences involving an elaborate scheme to manipulate the share price of Blumont Group, Asiasons Capital Ltd and LionGold Corp Ltd.
At the time of the scheme in 2013, Clear Water Development, controlled by Lee, was the second-largest shareholder in Blumont behind Neo Kim Hock, according to The Edge.
Asiasons Capital was controlled by Mohamed Azlan Hashim and Jared Lim, who is Lee's husband.
Substantial shareholders
Among the substantial shareholders in LionGold Corp was Md Wira Dani, the son of former finance minister Daim Zainuddin.
Following an investigation by Singapore's Commercial Affairs Department, no charges were brought against the shareholders.
Soh and Quah, however, were found guilty of 349 charges. They were accused of artificially inflating the share prices of the three companies through a network of 189 trading accounts held by 60 individuals and firms.
Their share prices eventually collapsed, wiping out S$8 billion in market value and burning retail investors. - Mkini
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