A 54-year-old man, the son of former Prime Minister Goh Chok Tong, was charged with 39 charges under the Securities and Futures Act.
He was charged together with three other men related to New Silkroutes: Kelvyn Oo Cheong Kwan, 52, former executive director and CEO of New Silkroutes; William Teo Thiam Chuan, 54, former group chief financial officer; and Huang Yiwen, 40, a business market maker employed by New Silkroutes.
Overall, Goh is accused of conspiring with the opposite three men to create a misleading picture of the worth of New Silkroutes securities over 31 trading days between February 2018 and August 2018.
The alleged price-manipulating orders and transactions included share repurchases made through the New Silkroutes corporate trading account.
Goh can also be accused of inflating the worth of New Silkroutes securities by placing orders and executing trades using his DBS Private Bank investment account. This allegedly occurred over eight trading days between August 2018 and December 2018.
Hong Kong is losing its place of honor in economic freedom to competition with Singapore
Hong Kong is losing its place of honor in economic freedom to competition with Singapore
The three remaining men were each charged with 31 similar charges.
Goh was represented by Navin Thevar of Davinder Singh Chambers. Oo was represented by senior counsel N Sreenivasan and S Balamurugan of K&L Gates Straits Law, while Thong Chee Kun and Ng Pei Qi of Rajah & Tann represented Teo.
Huang was defended by Diana Ngiam and Joyce Khoo of Quahe Woo & Palmer.
Goh had been group CEO since June 2015 but took over as chairman in October 2020.
In an announcement to the Singapore Stock Exchange in October 2020, Goh resigned as group chairman “to devote more time to his personal matters”.
At the identical time, his co-defendant Teo also resigned as CFO, citing that it was to “concentrate on personal matters and pursue other interests.”
In a press release issued after the hearing, police said the fees stem from a joint investigation by the police’s Commercial Affairs Department and the Monetary Authority of Singapore.
Goh, Teo and Oo will return to court next month.
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Prosecutors told the court that of the 4 men, only Huang could face more charges. He will return to court in November for an additional mention.
If convicted, the boys could resist seven years in prison and a nice of as much as A$250,000 ($183,100) or each.
