SINGAPORE - Indonesian tycoon and chief executive of offshore and marine company KS Energy Kris Taenar Wiluan was slapped on Wednesday morning with 112 charges in relation to violations of Section 197 of the Securities and Futures Act, which deals with false trading and market-rigging transactions.
Ho was accused of"abetting by intentionally aiding" Wiluan by relaying his instructions to Ngin and Yeo Jin Lui, another trader with CIMB Securities, to execute trades in KS Energy shares, between December 2014 and September 2016, through Pacific One's trading account"with a purpose to push up the price of the securities".
In a statement to The Straits Times on Wednesday, Wiluan said:"My purchase of KS Energy shares were conducted with utmost transparency. As the shares were undervalued, my intention was to help smaller public shareholders who had acquired KS shares with their personal savings. I have not sold those purchased shares and have not profited in any way from these transactions.
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