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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.
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RESIZED state courts

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.

Related: Criminal trial of former CEO of Singapore-listed New Silkroutes Group begins
Related: Former CEO of Singapore-listed New Silkroutes Group amongst three others facing 31 charges at court
Related: New Silkroutes under investigation over possible breach of Securities and Futures Act
Related: Singapore: Gas oil, fuel oil trading firm IEG disposed for $10 million
Related: Singapore: International Energy Group to be wound up; calls for creditors meeting
Related: Singapore: Liquidator issues notice of intended dividend to IEG creditors

 

Photo credit: Manifold Times
Published: 10 February 2026

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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.
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July 16, 2026

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RESIZED Drew Beamer

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

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Winding up

Singapore: Liquidator of Selco (Shipyard) Pte Limited issues notice of dividend

Fifth and final dividend to admitted creditors of Selco (Shipyard) is payable from 13 July, according to Government Gazette notice.
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1 week ago

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July 13, 2026

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Resized benjamin child

A notice of dividend for Selco (Shipyard) Pte Limited, which is currently in compulsory liquidation, was published on the Government Gazette on Friday (10 July). 

The following are the details of the notice:

Name of Company : Selco (Shipyard) Pte Limited (In Compulsory Liquidation) Co. Reg. No. 196800580K
Address of Registered Office : 7 Straits View, Marina One East Tower, Level 12, Singapore 018936
Court : High Court of the Republic of Singapore
Number of Matter : Companies Winding Up No.: 125 of 1986
Amount per centum : 0.499 cents to a dollar
First and final or otherwise : Fifth and final dividend
When payable : From 13th day of July 2026
Where payable : c/o PricewaterhouseCoopers Advisory Services Pte Ltd, 7 Straits View, Marina One East Tower, Level 12, Singapore 018936

 

Photo credit: Benjamin Child
Published: 13 July, 2026

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Vessel Arrest

Malaysia: MMEA detains tugboat with undocumented 10,000 litres of diesel in Kuala Langat

Inspection found MYR 5,000 in cash on the vessel and 10,000 litres of diesel, of which the skipper failed to present any document or permit authorising the transport of the diesel fuel.

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1 week ago

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July 13, 2026

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Malaysia: MMEA detains tugboat with undocumented 10,000 litres of diesel in Kuala Langat

The Malaysian Maritime Enforcement Agency (MMEA) on Friday (10 July) said it detained a tugboat  during an enforcement operation in Selangor waters. 

Selangor MMEA director Captain Abdul Muhaimin Muhammad Salleh said the vessel was detained at about 6.35am at about 4.7 nautical miles 0.1 nautical miles from the estuary of Sungai Langat, Kuala Langat. 

He said the initial inspection found that the vessel in question was operated by a 44-year-old skipper along with a 23-year-old crew member, both Indonesian nationals. 

Further inspection found that the vessel did not have a mandatory insurance coverage, including the Limitation of Liability for Maritime Claims (LLMC).

“Inspection also found 10,000 litres of diesel and MYR 5,000 in cash on the vessel,” he said. 

“The skipper also failed to present any document or permit authorising the transport of the diesel fuel, raising suspicions regarding the ownership of the controlled items.”

The tugboat and both crew members were brought to the Pulau Indah Marine Police Force jetty before they were handed over to the Selangor MMEA for further action. 

He added that the case is being investigated under the Immigration Act 1959/63, the Control of Supplies Act 1961, and the Merchant Shipping Ordinance (MSO) 1952.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 13 July, 2026

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