Legal

Singapore: Market maker GTC Group testifies in court against New Silkroutes Group

GTC collected a three-month deposit of SGD 180,000 and charged SGD 60,000 a month for its market making services to NSG.

Published

5 months ago

February 10, 2026

Admin

The sole director of market maker GTC Group (GTC), who was earlier found guilty of artificially rigging the market to inflate the share price of four companies including New Silkroutes Group (NSG)*, gave his testimony at the Singapore State Courts on Monday (9 February).

Convicted Huang Yiwen, sentenced to a jail term of 27 months and two weeks on August 2025, claimed he did not know Dr Goh Jin Hian, the former CEO of Singapore-listed NSG, was allegedly trading NSG shares on his own.

He shared GTC collected a three-month deposit of SGD 180,000 and charged SGD 60,000 a month for its market making services to NSG.

According to CNA, a meeting took place between former NSG chief corporate officer Kelvyn Oo Cheong Kwan, former NSG finance director William Teo Thiam Chuan, Dr Goh, and Huang in February 2018.

During the meeting, the NSG executives told Huang an unidentified shareholder was allegedly weakening the value of NSG shares and did not want it to be under “40 over” cents.

In late March 2018, the value of NSG shares decreased to over 30 cents, after GTC started providing its services to NSG. The effect caused Huang and Teo to allegedly conduct a series of transactions over a period in a bid to strengthen NSG’s share price.

The prosecution claimed Teo placed orders and conducted trades for NSG shares using its share buyback trading accounts on 13 days; Huang executed similar trades using the trading account of GTC Group on 30 days.

The prosecution also alleged Dr Goh bought 1,000 NSG shares at 25.5 cents and 100 NSG shares at 26 cents during September 2018.

Later in September 2023, Dr Goh, Oo, Teo, and Huang were each charged with 31 counts of Section 197(1)(b) of the SFA read with Section 109 of the Penal Code for engaging in a conspiracy to create a misleading appearance with respect to the price of NSG securities.

*NSG was previously involved in oil trading through International Energy Group (IEG) which trades mainly gas oil and fuel oil. In January 2021, stakeholders of IEG decided the firm can no longer continue business due to its liabilities and proceeded to summon a creditors’ meeting.

Photo credit: Manifold Times
Published: 10 February 2026

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Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

4 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

4 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

Winding up

Singapore: Liquidator of Nan Shan Maritime Pte Ltd issues notice of dividend

Third interim dividend to admitted unsecured claims of Nan Shan Maritime is payable from 15 July, according to Government Gazette notice.

Published

5 days ago

July 16, 2026

Admin

A notice of dividend for Nan Shan Maritime Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (15 July).

The following are the details of the notice:

Name of Company : Nan Shan Maritime (Pte.) Ltd.(In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Amount per centum : 5.00 Per Centum of all admitted unsecured, claims
First and Final or Otherwise : Third Interim
When Payable : 15 July 2026
Where Payable : Entitlements will be made by way of cheque.

Photo credit: Drew Beamer
Published: 16 July, 2026