Authorities slap false trading charges against New Silkroutes former CEO, 3 others

Goh Jin Hian is also the son of former Prime Minister Goh Chok Tong.

Singapore authorities have charged Goh Jin Hian, former CEO of SGX-listed company New Silkroutes Group Limited (NSG), and three others with false trading offences under the Securities and Futures Act (SFA).

The other three charged were the company’s former Chief Corporate Officer Oo Cheong Kwan Kelvyn, former Finance Director Teo Thiam Chuan William, and the sole director of GTC Group Huang Yiwen.

GTC Group, a commercial market maker, was engaged with NSG when it committed offences.

Authorities charged the four individuals 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.”

If convicted, the four may be liable to an imprisonment term not exceeding seven years, or a fine not exceeding $250,000, or both.

According to the police’s report, the four allegedly “placed orders and executed trades in NSG securities for the 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,” the police said.

Apart from the abovementioned charges, Goh also 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 the purpose of pushing up the price of NSG securities on eight trading days between 31 August 2018 and 4 December 2018.

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