20-9-2023 (SINGAPORE) Goh Jin Hian, the former CEO of Singapore-based investment holding company New Silkroutes Group, has been charged with false trading offences. The 54-year-old, who is the son of former Prime Minister Goh Chok Tong, faces 39 charges under the Securities and Futures Act.
Goh is not alone in these charges; he has been charged alongside three other individuals linked to New Silkroutes. The co-accused include Kelvyn Oo Cheong Kwan, 52, former executive director and chief corporate officer at New Silkroutes; William Teo Thiam Chuan, 54, a former finance director at the group; and Huang Yiwen, 40, a commercial market maker engaged by New Silkroutes.
The charges against Goh and his co-accused revolve around allegations of conspiring to create a misleading appearance of the price of New Silkroutes’ securities on 31 trading days between February 2018 and August 2018. The alleged manipulative actions include share buy-backs conducted through New Silkroutes’ corporate trading account.
Additionally, Goh is accused of artificially inflating the price of New Silkroutes’ securities by placing orders and executing trades using his DBS Private Bank investment account over eight trading days between August 2018 and December 2018. The other three individuals face 31 similar charges each.
Goh was represented by Navin Thevar from Davinder Singh Chambers, while Oo was represented by Senior Counsel N Sreenivasan and S Balamurugan from K&L Gates Straits Law. Teo was represented by Thong Chee Kun and Ng Pei Qi from Rajah & Tann, and Huang was defended by Diana Ngiam and Joyce Khoo from Quahe Woo & Palmer.
Goh served as CEO of the New Silkroutes Group from June 2015 but took over as chairman in October 2020. In October 2020, he resigned from his role as chairman, citing the need to devote more time to his personal affairs. At the same time, his co-accused Teo also resigned as finance director, citing personal matters and the pursuit of other interests.
The charges against the four individuals stem from a joint investigation by the Commercial Affairs Department and the Monetary Authority of Singapore. They are scheduled to return to court next month. Among them, Huang may face additional charges, as indicated by the prosecution, with a further mention of his case scheduled for November.
If convicted, each of the men could face a jail term of up to seven years, a fine of up to S$250,000 (US$183,100), or both for each charge.
