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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.
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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.
Cette histoire est tirée de l'édition September 19, 2024 de The Straits Times.
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