A 71-year-old male Singapore Permanent Resident and a 56-year-old female Singaporean were charged on 5 August 2020 for market rigging under the Securities and Futures Act (SFA), Chapter 289. They are the Chief Executive Officer (CEO)/Chairman of KS Energy Limited (KSE) which is listed on the Mainboard of the Singapore Exchange, and the manager employed at the CEO/Chairman’s office, respectively.
The CEO/Chairman was charged with 112 counts under Section 197(1)(b) of the SFA for engaging in a course of conduct for the purpose of creating a misleading appearance with respect to the price of KSE shares. The charges are for him giving instructions, either personally or through the manager, to trading representatives in CIMB Securities (Singapore) Pte Ltd servicing the trading account of an entity he beneficially owned and controlled, to purchase KSE shares for the purpose of pushing up the price of KSE shares on 112 trading days between 19 December 2014 and 13 September 2016.
The manager was charged with 92 counts under Section 197(1)(b) of the SFA read with Section 109 of the Penal Code, Chapter 224 for intentionally aiding the CEO/Chairman in the market rigging by relaying his instructions to the relevant trading representatives.
If convicted, the duo face imprisonment of up to seven years, or a fine of up to S$250,000, or both, for each charge of market rigging under Section 197 of the SFA.
Source: Singapore Police Force