Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
New Silkroutes ex-director gets jail for key role in market rigging
The Straits Times
|September 19, 2024
A former finance director of Singapore-listed New Silkroutes Group was sentenced to 12 weeks in prison on Sept 16 after pleading guilty to manipulating its share prices to allow its shares to be used as consideration for corporate deals.
-
According to sentencing documents, William Teo Thiam Chuan, 55, played a "critical" role in the market-rigging scheme, which the prosecution alleged was masterminded by Goh Jin Hian, former chief executive of the investment holding firm.
On Sept 16, Teo pleaded guilty to six charges under the Securities and Futures Act for abetment by conspiracy over false trading and market-rigging transactions. Another 25 charges were taken into consideration.
Goh, 55, the son of former prime minister Goh Chok Tong, Teo, Kelvyn Oo Cheong Kwan, the group's former chief corporate officer, and Huang Yiwen, director of GTC Group, a commercial market maker that New Silkroutes had engaged, were handed in September 2023 a total of 132 charges related to false trading offences. The pretrial conference for Goh, Huang and Oo is scheduled for Sept 26.
This story is from the September 19, 2024 edition of The Straits Times.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM The Straits Times
The Straits Times
Through a judge's lens
Across screens and continents, jurors studied some of the most powerful images to decide on which ones would shape how 2025 is remembered visually.
4 mins
April 25, 2026
The Straits Times
Sheng Siong working to keep prices affordable despite Iran war impact
Supermarket chain Sheng Siong is working to keep essential items affordable and available despite the trade disruption and higher costs resulting from the Iran war.
2 mins
April 25, 2026
The Straits Times
Space debris isn't a faraway problem, and it demands urgent collective action
With more than 13,000 active satellites circling the planet, avoiding collisions is critical to protect essential services like the internet and navigation systems.
3 mins
April 25, 2026
The Straits Times
Food prices in Asia tipped to rise as fuel and fertiliser crisis hits Australian farmers
Prices of Australian exports of staples such as beef, wheat and barley are predicted to increase by 20 per cent due to disruptions to fertiliser and fuel supplies, in a development that could trigger rises in food prices across Asia.
4 mins
April 25, 2026
The Straits Times
Alcaraz to miss French Open with wrist injury
MADRID Carlos Alcaraz will not be defending his French Open title at the May 18-June 7 event after tests on his injured wrist revealed he would not be ready in time, the world No. 2 said on April 24.
2 mins
April 25, 2026
The Straits Times
DARYZ SHOULD COME OUT TOPS
April 26 Prix Ganay (2,100m) form analysis
2 mins
April 25, 2026
The Straits Times
Measles spread speeding up in Americas
Measles is on the rise in the Americas, particularly in Mexico, the United States and Canada, as some communities fail to get vaccinated, the Pan American Health Organization (PHO) said on April 24.
1 min
April 25, 2026
The Straits Times
As US brands stumble, China wins over young Indonesians
Demographic a target for Chinese firms as they fan out abroad amid domestic woes
3 mins
April 25, 2026
The Straits Times
Compact German SUVs go head to head
The Audi Q3 and BMW X1 are well-matched in contest, but one pips the other by a thin margin
3 mins
April 25, 2026
The Straits Times
STI dips 0.4% as investors fret over war and inflation concerns
Stocks in Singapore ended lower on April 24 as geopolitics and inflation weigh on market sentiment.
1 min
April 25, 2026
Listen
Translate
Change font size