Criminal trial of Goh Chok Tong's son, ex-CEO of S'pore investment company, over share price manipulation begins on Feb. 4

The criminal trial of the former chief executive of New Silkroutes Group, Goh Jin Hian, and the company's chief corporate officer Kelvyn Oo Cheong Kwan is set to start in the afternoon of Feb. 4.

Goh is also the son of former Prime Minister Goh Chok Tong,

The case

According to The Straits Times, Oo and Goh, along with two others, were charged in September 2023 with a total of 132 offences linked to false trading.

The two other accused are former finance director William Teo Thiam Chuan and GTC Group sole director Huang Yiwen.

GTC Group is a commercial market maker that New Silkroutes had engaged to provide liquidity for its shares.

On Sept. 16, 2024, Teo was handed 12 weeks' imprisonment after pleading guilty to manipulating New Silkroutes’ share prices so that the company's shares could be used as consideration in corporate transactions.

A further 25 charges were taken into consideration during sentencing.

About a year later, Huang was sentenced to two years, three months and two weeks' jail on Aug. 15, 2025, after pleading guilty to 24 charges under the Securities and Futures Act.

Another 88 charges were taken into consideration for his sentencing.

Citing court documents, ST reported that Teo played a "critical" role in the market-rigging scheme, which prosecutors alleged was masterminded by Goh, who served as the chief executive of New Silkroutes from 2015 to 2020.

All four men were each handed 31 counts of conspiring to create a misleading appearance regarding the prices of New Silkroutes shares.

The scheme, described by the prosecution as "sophisticated, well-coordinated and effective", was carried out between Feb. 26, 2018 and Aug. 27, 2018, and was aimed at artificially inflating the company's share price.

Prosecutors said this allowed New Silkroutes to use its shares as "currency" for corporate deals and acquisitions.

The scheme was reportedly devised as "a quick and convenient way" to facilitate the company’s expansion via the acquisition of other companies and raising of capital through the issuance of new shares.

Police said the trades included share buybacks conducted through the company’s corporate trading account.

New Silkroutes was initially involved in oil trading, as well as the distribution of electronic and information technology products.

In December 2016, it decided to expand into healthcare, acquiring several clinics and medical supply companies the following year.

However, these efforts were affected by a weakening share price in 2017.

Goh executed trades using his private account

Goh also faces another eight charges for allegedly violating securities regulations, ST reported.

Between Aug. 31, 2018 and Dec. 4, 2018, Goh allegedly placed orders and executed trades in New Silkroutes shares using his DBS Private Bank personal trading account with the aim of propping up the company's share price.

Trading in New Silkroutes shares has been suspended since Nov. 15, 2021.

Goh was offered bail of S$150,000, while Oo, 54, was granted bail of S$70,000.

If convicted under Section 197 of the Securities and Futures Act, the two men face up to seven years’ imprisonment, a fine of up to S$250,000, or both.

Goh had resigned from his post of non-independent and non-executive chairman in October 2020, with the company citing his wish to "devote more time to his personal affairs".

Teo also stepped down stepped down that same month to "focus on personal matters and to pursue other interests", while Oo left his position in August 2020.

Their departures came after the company disclosed that Goh and Teo were assisting the police’s Commercial Affairs Department (CAD) with investigations.

The charges followed a joint investigation by CAD and the Monetary Authority of Singapore.

Goh was previously sued by another former company

Separately, in June 2025, Goh won an appeal against his former company, Inter-Pacific Petroleum (IPP).

IPP had sued Goh, a former director at the fuel supply company, to recover US$146 million (S$187 million) in losses.

They accused him of "sleepwalking through his time as a director" and claimed that he had breached his duty.

In a ruling delivered on Jun. 5, the Court of Appeal overturned a previous ruling, which found that Goh was not entitled to relief from liability.

This means that Goh was no longer liable to pay the S$187 million sum, plus interest, that IPP originally claimed as compensation.

Top photos from Shin Min Daily News and Mothership