Goh Jin Hian Arrested For False Trading, 4 Others Also Charged

Goh Jin Hian Arrested For False Trading, 4 Others Also Charged

On September 20, Goh Jin Hian, the former CEO of the investment holding company New Silkroutes Group, was accused with deceptive trading charges.

The son of former Prime Minister Goh Chok Tong, age 54, was charged with 39 offences under the Securities and Futures Act.

Along with him, three other men connected to New Silkroutes were charged: William Teo Thiam Chuan, 54, a former finance director for the organisation; Huang Yiwen, 40; and Kelvyn Oo Cheong Kwan, 52, a former executive director and chief corporate officer at the company.

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Goh and the other three individuals are charged with conspiring to falsely represent the price of New Silkroutes’ securities on 31 trading days between February and August 2018.

The allegedly price-manipulating orders and trades also allegedly involved the purchase of shares using the corporate trading account of New Silkroutes.

Goh is also charged with increasing the price of New Silkroutes’ stocks by making orders and carrying out trades through his investment account with DBS Private Bank. Between August 2018 and December 2018, eight trading days are said to have been involved in this.

Each of the other three males was charged with 31 similar offences.

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Mr. Navin Thevar of Davinder Singh Chambers acted as Goh’s representative. Senior Counsel N Sreenivasan and Mr. S Balamurugan from K&L Gates Straits Law represented Oo, and Mr. Thong Chee Kun and Ms. Ng Pei Qi from Rajah & Tann represented Teo.

Ms. Diana Ngiam and Ms. Joyce Khoo from Quahe Woo & Palmer defended Huang.

Goh took over as chairman in October 2020 after serving as the group’s CEO since June 2015.

Goh announced his resignation from his position as the group’s chairman in October 2020 in order to “dedicate more time to his personal affairs.”

His co-defendant Teo also left his position as finance director at the same time, stating that he needed to “focus on personal matters and to pursue other interests”.

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The allegations were the result of a combined investigation by the Monetary Authority of Singapore and the police’s Commercial Affairs Department, according to a news statement from the police following the hearing. Next month, Goh, Teo, and Oo will be back in court.

Huang is the only one of the four men who could face additional accusations, the prosecution informed the court. In November, he will appear in court once more.

The men could get a sentence of up to seven years in prison, a fine of up to S$250,000 (US$183,100), or both if found guilty of each offence.

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Source: CNA

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