Market Chatter: Former New Silkroutes Finance Director Gets 12-Week Prison Sentence Over Share Price Manipulation

MT Newswires

Sep 19, 2024

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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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The pre-trial conference for Hian, Yiwen, and Kwan is set for Sept. 26, The Straits Times reported.</p><p>(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. 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The pre-trial conference for Hian, Yiwen, and Kwan is set for Sept. 26, The Straits Times reported.</p><p>(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.)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BMT.SI","symbol_name":"新丝路","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2468190592","we_media_id":"1060499803","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2468190592","pubTimestamp":1726713635,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"MT Newswires","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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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.)","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}