William Teo Thiam Chuan, former finance director of New Silkroutes Group (SGX:BMT), was sentenced to 12 weeks in prison for manipulating the company's share prices, The Straits Times reported Thursday.
Chuan pleaded guilty to six charges under the Securities and Futures Act related to market rigging, the report said.
Chuan was involved in a scheme orchestrated by Goh Jin Hian, the former chief executive of New Silkroutes, to artificially inflate the company's share price between February and August 2018, according to the report.
This manipulation enabled the company to use its shares as currency for acquisitions and capital raising, the news outlet said.
Hian, along with Chuan, former chief corporate officer Kelvyn Oo Cheong Kwan, and Huang Yiwen, director of the market maker GTC Group, faces a total of 132 charges for false trading offenses. The pre-trial conference for Hian, Yiwen, and Kwan is set for Sept. 26, The Straits Times reported.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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