Goh Jin Hian, 54, charged in court for 39 false trading offences

Goh is the former CEO of New Silkroutes Group and the son of Emeritus Senior Minister Goh Chok Tong.

Fiona Tan | September 20, 2023, 01:46 PM

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The former chief executive officer of New Silkroutes Group Limited (NSG), Goh Jin Hian, was charged with false trading offences under the Securities and Futures Act (SFA) on Sep. 20, 2023.

The 54-year-old Goh, who is Emeritus Senior Minister Goh Chok Tong's only son, is one of four men who are being accused of engaging in a conspiracy to create a misleading appearance with respect to the price of NSG securities.

Goh and three others allegedly involved in false trading

According to court documents and a Sep. 20, 2023, Singapore Police Force news release, the other three men are:

  • Former NSG chief corporate officer: 52-year-old Oo Cheong Kwan Kelvyn;
  • Former NSG finance director: 54-year-old Teo Thiam Chuan William; and
  • GTC Group Pte Ltd director: 40-year-old Huang Yiwen.

GTC Group Pte Ltd was a commercial market maker engaged by NSG during the material time.

NSG is listed on the Mainboard of the Singapore Exchange.

CAD probe in 2020

Goh was NSG's chief executive officer from July 2015 till Oct. 1, 2020.

He resigned on Oct. 1, 2020, stating that he wanted to "to devote more time to his personal affairs".

Teo similarly resigned on the same date.

Both Goh and Teo's resignations came after it was revealed that both men were under probe by the Commercial Affairs Department (CAD) over a possible offence under the Securities and Futures Act, according to NSG's Sep. 30, 2020 announcement.

NSG said then that it understands that alleged offences are of false trading and market rigging in view of past share buy-backs and acquisitions of shares.

Huang, who had resigned earlier on Aug. 1, 2020 to "pursue personal interest and other opportunities", was also assisting with the CAD probe.

Each man handed 31 charges

On Sep. 20, 2023, Goh, and the three men, were each handed 31 counts of false trading, according to court documents.

The four men are accused of placing orders and executing trades in NSG securities to push up the price of NSG securities on 31 trading days between Feb. 26, 2018 and Aug. 27, 2018.

The alleged price manipulative orders and trades include share buy-backs conducted through NSG’s corporate trading account.

Goh received 8 charges more than the others

Additionally, Goh was handed another eight counts of false trading for allegedly placing orders and executing trades in NSG securities through his personal trading account.

He allegedly did this to push up the price of NSG securities for eight days between Aug. 31, 2018 and Dec. 4, 2018.

In total, Goh is facing 39 charges.

He is out on bail for S$150,000.

Goh is represented by Navin Thevar from Davinder Singh Chambers.

His case is scheduled for a pre-trial conference at a later date.

According to the Securities and Futures Act, if Goh is convicted of false trading, for each charge, he may face up to seven years in jail, a fine of up to S$250,000, or both.

Related story

https://mothership.sg/2020/10/goh-jin-hian-goh-chok-tong-son-investigation/


Top image via and from New Silkroutes/LinkedIn