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New Silkroutes ex-director jailed over market-rigging scheme allegedly masterminded by Goh Jin Hian

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The scheme was hatched to help the company buy other firms and raise capital through the issuance of new shares.

According to sentencing documents, William Teo Thiam Chuan played a “critical” role in the market-rigging scheme, which the prosecution alleged was masterminded by Goh Jin Hian.

Goh, 55, the son of former prime minister Goh Chok Tong, Teo, Kelvyn Oo Cheong Kwan, the group’s former chief corporate officer, and Huang Yiwen, the sole director of GTC Group, a commercial market maker that New Silkroutes had engaged,According to the prosecution, the four men carried out a “sophisticated, well-coordinated and effective” scheme between Feb 26, 2018, and Aug 27, 2018, to artificially push up the share price of New Silkroutes, “effectively to use its shares as currency for...

From January 2017 to May 2017, its shares traded between 70 cents and 90 cents, before dropping to between 40 cents and 50 cents in June 2017. By November 2017, they had hit a low of 28.5 cents. That same month, New Silkroutes announced a memorandum of understanding with a Mr Shen Yuyun to acquire two medical supply companies in Shanghai. The company planned to issue new shares at 50 cents a piece to complete the acquisition for $65 million.

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New Silkroutes market-rigging scheme: Prosecution alleges Goh Jin Hian was mastermind, ex-director jailedSINGAPORE — A former finance director of Singapore-listed New Silkroutes Group was sentenced to 12 weeks in prison on Sept 16 after pleading guilty to manipulating its share prices to allow its shares to be used as consideration for corporate deals.
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Ex-director of New Silkroutes Group jailed for market rigging; prosecution calls Goh Jin Hian the ‘mastermind’Four men allegedly conspired to push up the share price of New Silkroutes Group as a way to facilitate the company's expansion through acquisitions.
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