Kris Taenar Wiluan, CEO of Singapore-listed KS Energy, an energy services provider to the marine and petrochemical industries, on Wednesday (5 August) faced charges from Singapore’s Commercial Acts Department (CAD) under Section 197 of the Securities and Futures Act, reports The Straits Times.
Wiluan faced 112 charges in relation to false trading and market-rigging transactions to artificially drive up the share price of KS Energy.
Wiluan reportedly instructed his employee Ho Chee Yen to direct a trading representative from CIMB Securities (Singapore) to carry out trades in KS Energy’s shares via another company controlled by Wiluan – Pacific One Energy – between December 2014 and September 2016.
Similarly, Wiluan is accused of instructing Ngin Kim Choo, another trading representative from CIMB Securities servicing Pacific One’s account, to trade in KS Energy’s shares in June 2015 and between May and July 2016 to artificially raise its share price.
Ho is purportedly charged with “abetting by intentionally aiding” Wiluan by conveying his instructions to Ngin and Yeo Jin Lui to carry out the trades between December 2014 and September 2016.
For her role in abetting Wiluan, Ho faced 92 charges under the Securities and Futures Act and if found guilty the charge carries a maximum fine of SGD 250,000. Offenders can be jailed for up to seven years.
Wiluan is currently on court bail of SGD 250,000 and Ho is out on court bail of SGD 70,000.
Photo credit: Manifold Times
Published: 6 August, 2020
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