Former Chief Executive Officer of New Silkroutes Group Limited (NSG), Goh Jin Hian, former Chief Corporate Officer, Oo Cheong Kwan Kelvyn, and former Finance Director, Teo Thiam Chuan William, were charged in court today with false trading offences under the Securities and Futures Act (SFA). A fourth individual, Huang Yiwen, the sole director of GTC Group Pte Ltd (a commercial market maker engaged by NSG during the material time), was also charged with similar offences. NSG is listed on the Mainboard of the Singapore Exchange.
The four men were each charged with 31 counts of Section 197(1)(b) of the SFA read with Section 109 of the Penal Code for engaging in a conspiracy to create a misleading appearance with respect to the price of NSG securities. They allegedly placed orders and executed trades in NSG securities for a purpose of pushing up the price of NSG securities on 31 trading days between 26 February 2018 and 27 August 2018. The alleged price manipulative orders and trades include share buy-backs conducted through NSG’s corporate trading account.
Goh Jin Hian faces a further eight counts of Section 197(1)(b) of the SFA for allegedly placing orders and executing trades in NSG securities through his personal trading account for a purpose of pushing up the price of NSG securities on eight trading days between 31 August 2018 and 4 December 2018.
The charges above arose from a joint investigation carried out by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore.
If convicted of an offence under Section 197 of the SFA, offenders may be liable to an imprisonment term not exceeding seven years, or a fine not exceeding $250,000, or both.
SINGAPORE POLICE FORCE
20 September 2023 @ 11:30 AM