If this is really true, maybe there are some bribery going on in order to carry out the suppression.
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Straits Times, Business Times, LianHe Zaobao and Lianhe Wanbao all keeping silent on alleged crime committed by Goh Jin Hian, son of Goh Chok Tong
- Thread starter GUDANGARAM
- Start date
I have informed my contacts in Bloomberg and SCMP. Hopefully they can publish Goh Jin Hian scandals
Cantonese say Sai Lung
摊派
摊派
Dear @Hightech88 do u know what is 塞浪 in Cantonese
今天头条
有点慢
有点慢
Don't pretend to ask Cantonese vocab to create the impression that you are not Cantonese.
My 姑姑 very clever one. She knows what you are up to.
姑姑 more like 姑姑叫Don't pretend to ask Cantonese vocab to create the impression that you are not Cantonese.
My 姑姑 very clever one. She knows what you are up to.
This one cannot anyhow say but IMO there is a potential abuse of power to suppress the news coverage, not just to protect GCT family but to prep for GE, LOL.
By right for such news, if there is no suppression, as it involve an ex-PM who is always self-righteous about ownself check ownself and boastful, there should be even more coverage on the matter but we all have eyes to so that the news are eerily suppressed as much as possible, LOL.
Good luck with the law when you have the lawless ones become the lawmakers.
Remember how laws like POFMA were rubberstamped in Parleement on a whim?
Financial center = money laundering hub. If you want to be a financial hub of the non-laundering kind, many other cities can do the same, possibly do an even better job. This island is really, really not as good as it is hyped up to be.
please update when it’s the 69th ptc.
Lol,millions for 3 mth jail is too light,lol,kangaroo
If other ppl ,think at least 50 yrs jail,lol ,victims should held the court overseas,seems like woody can keep his millions ,lol
As he Don hv to pay for his son crime,as t
Woody earn the money, n don want to spent on his son,lol
Woody earn the money, n don want to spent on his son,lol
Will the reporter Grace Leong, tio fixed by GCT for mentioning his honorable holy name?
https://www.asiaone.com/singapore/n...cution-alleges-goh-jin-hian-was-mastermind-ex
According to sentencing documents, William Teo Thiam Chuan (left) played a “critical” role in the market-rigging scheme, which the prosecution alleged was masterminded by Goh Jin Hian.
PHOTO: The Straits Times, The Business Times file
PUBLISHED ONSeptember 19, 2024 9:23 AMBy Grace Leong
SINGAPORE — A former finance director of Singapore-listed New Silkroutes Group was sentenced to 12 weeks in prison on Sept 16 after pleading guilty to manipulating its share prices to allow its shares to be used as consideration for corporate deals.
According to sentencing documents, William Teo Thiam Chuan, 55, played a "critical" role in the market-rigging scheme, which the prosecution alleged was masterminded by Goh Jin Hian, former chief executive of the investment holding firm.
On Sept 16, Teo pleaded guilty to six charges under the Securities and Futures Act for abetment by conspiracy over false trading and market-rigging transactions. Another 25 charges were taken into consideration.
Goh, 55, the son of former prime minister Goh Chok Tong, Teo, Kelvyn Oo Cheong Kwan, the group's former chief corporate officer, and Huang Yiwen, the sole director of GTC Group, a commercial market maker that New Silkroutes had engaged, were handed in September 2023 a total of 132 charges related to false trading offences. The pre-trial conference for Goh, Huang and Oo is scheduled for Sept 26.
According to the prosecution, the four men carried out a "sophisticated, well-coordinated and effective" scheme between Feb 26, 2018, and Aug 27, 2018, to artificially push up the share price of New Silkroutes, "effectively (allowing the company) to use its shares as currency for corporate deals and acquisitions".
The scheme was devised as "a quick and convenient way" to facilitate the company's expansion by acquiring other companies and to raise capital through the issuance of new shares, the prosecution added.
New Silkroutes was initially in the businesses of oil trading, and electronic and IT product distribution. In December 2016, it decided to move into healthcare and acquired several clinics and medical supply firms the following year. These acquisitions were paid for through the issuance of company shares.
But its efforts to acquire companies and raise capital through private placements were hindered by its weakening share price in 2017.
From January 2017 to May 2017, its shares traded between 70 cents and 90 cents, before dropping to between 40 cents and 50 cents in June 2017. By November 2017, they had hit a low of 28.5 cents.
On Nov 29, 2017, New Silkroutes applied to halt the trading of its shares. Trading was suspended on Dec 4, 2017, and the suspension was lifted only after the market closed on Feb 25, 2018.
While its stock trading was suspended, the firm agreed to several corporate transactions involving the potential issuance of new company shares as consideration.
On Feb 21, 2018, it announced a proposed placement of 11.4 million new shares at a price of 44 cents per share to an external investor, Dr Andrew Chua Soon Kian, to raise $5 million. This placement was completed in March 2018.
That same month, New Silkroutes announced a memorandum of understanding (MOU) with a Mr Shen Yuyun to acquire two medical supply companies in Shanghai. The company planned to issue new shares at 50 cents a piece to complete the acquisition for $65 million.
It also announced an MOU with Haitong International Securities, where Haitong would subscribe to a convertible bond of $5 million issued by New Silkroutes, with a maturity date of two years from the date of issue. The convertible bond would pay interest of 5 per cent per annum.
One reason for propping up the stock price was to bolster investor confidence to complete the corporate transactions and to allow for future share placements based on an attractive share price, the prosecution said.
"There were concerns that Haitong might not exercise its option if the share price continued on its downward trend, or that Shen Yuyun might ask for a greater premium if the share price fell below a certain level," the prosecution added.
According to court papers, Goh asked Teo on Feb 4, 2018, to find a market maker to support the share price, and GTC was hired between Feb 21, 2018, and Feb 26, 2018, to artificially push up the price from 28.5 cents to a target price of 50 cents. The use of GTC also created an additional layer - by adding a separate market player - which would make it harder to detect the scheme, the prosecution said.
Legitimate market making does not include price manipulation to push up the share price and set the closing price.
To push up the share price, the four men used different trading accounts to buy its shares to mark the close, or to push up and set the day's closing price. They also bought at price levels several bids higher than the last traded price, the prosecution said.
Teo abused his position by using the company's share buyback accounts, which he had been authorised to control, to place orders and execute trades to push up its share price.
"While not the mastermind (which was Goh), Teo played an important role in the scheme," the prosecution said, pointing out that Teo was the main liaison between New Silkroutes and Huang.
"It was Teo who coordinated with Huang, reminding him of the price targets GTC had to hit, and giving instructions on the purchase of New Silkroutes securities."
The scale of the market rigging was significant, with "great distortion" caused to the market for New Silkroutes' securities. On the 31 days, which form the subject matter of Teo's proceeded charges, the alleged trades and orders executed by Teo, Huang and Goh accounted for 28.78 per cent of the total market volume, taking buy trades only.
----------------------
https://www.asiaone.com/singapore/n...cution-alleges-goh-jin-hian-was-mastermind-ex
New Silkroutes market-rigging scheme: Prosecution alleges Goh Jin Hian was mastermind, ex-director jailed
According to sentencing documents, William Teo Thiam Chuan (left) played a “critical” role in the market-rigging scheme, which the prosecution alleged was masterminded by Goh Jin Hian.
PHOTO: The Straits Times, The Business Times file
PUBLISHED ONSeptember 19, 2024 9:23 AMBy Grace Leong
SINGAPORE — A former finance director of Singapore-listed New Silkroutes Group was sentenced to 12 weeks in prison on Sept 16 after pleading guilty to manipulating its share prices to allow its shares to be used as consideration for corporate deals.
According to sentencing documents, William Teo Thiam Chuan, 55, played a "critical" role in the market-rigging scheme, which the prosecution alleged was masterminded by Goh Jin Hian, former chief executive of the investment holding firm.
On Sept 16, Teo pleaded guilty to six charges under the Securities and Futures Act for abetment by conspiracy over false trading and market-rigging transactions. Another 25 charges were taken into consideration.
Goh, 55, the son of former prime minister Goh Chok Tong, Teo, Kelvyn Oo Cheong Kwan, the group's former chief corporate officer, and Huang Yiwen, the sole director of GTC Group, a commercial market maker that New Silkroutes had engaged, were handed in September 2023 a total of 132 charges related to false trading offences. The pre-trial conference for Goh, Huang and Oo is scheduled for Sept 26.
According to the prosecution, the four men carried out a "sophisticated, well-coordinated and effective" scheme between Feb 26, 2018, and Aug 27, 2018, to artificially push up the share price of New Silkroutes, "effectively (allowing the company) to use its shares as currency for corporate deals and acquisitions".
The scheme was devised as "a quick and convenient way" to facilitate the company's expansion by acquiring other companies and to raise capital through the issuance of new shares, the prosecution added.
New Silkroutes was initially in the businesses of oil trading, and electronic and IT product distribution. In December 2016, it decided to move into healthcare and acquired several clinics and medical supply firms the following year. These acquisitions were paid for through the issuance of company shares.
But its efforts to acquire companies and raise capital through private placements were hindered by its weakening share price in 2017.
From January 2017 to May 2017, its shares traded between 70 cents and 90 cents, before dropping to between 40 cents and 50 cents in June 2017. By November 2017, they had hit a low of 28.5 cents.
On Nov 29, 2017, New Silkroutes applied to halt the trading of its shares. Trading was suspended on Dec 4, 2017, and the suspension was lifted only after the market closed on Feb 25, 2018.
While its stock trading was suspended, the firm agreed to several corporate transactions involving the potential issuance of new company shares as consideration.
On Feb 21, 2018, it announced a proposed placement of 11.4 million new shares at a price of 44 cents per share to an external investor, Dr Andrew Chua Soon Kian, to raise $5 million. This placement was completed in March 2018.
That same month, New Silkroutes announced a memorandum of understanding (MOU) with a Mr Shen Yuyun to acquire two medical supply companies in Shanghai. The company planned to issue new shares at 50 cents a piece to complete the acquisition for $65 million.
It also announced an MOU with Haitong International Securities, where Haitong would subscribe to a convertible bond of $5 million issued by New Silkroutes, with a maturity date of two years from the date of issue. The convertible bond would pay interest of 5 per cent per annum.
One reason for propping up the stock price was to bolster investor confidence to complete the corporate transactions and to allow for future share placements based on an attractive share price, the prosecution said.
"There were concerns that Haitong might not exercise its option if the share price continued on its downward trend, or that Shen Yuyun might ask for a greater premium if the share price fell below a certain level," the prosecution added.
According to court papers, Goh asked Teo on Feb 4, 2018, to find a market maker to support the share price, and GTC was hired between Feb 21, 2018, and Feb 26, 2018, to artificially push up the price from 28.5 cents to a target price of 50 cents. The use of GTC also created an additional layer - by adding a separate market player - which would make it harder to detect the scheme, the prosecution said.
Legitimate market making does not include price manipulation to push up the share price and set the closing price.
To push up the share price, the four men used different trading accounts to buy its shares to mark the close, or to push up and set the day's closing price. They also bought at price levels several bids higher than the last traded price, the prosecution said.
Teo abused his position by using the company's share buyback accounts, which he had been authorised to control, to place orders and execute trades to push up its share price.
"While not the mastermind (which was Goh), Teo played an important role in the scheme," the prosecution said, pointing out that Teo was the main liaison between New Silkroutes and Huang.
"It was Teo who coordinated with Huang, reminding him of the price targets GTC had to hit, and giving instructions on the purchase of New Silkroutes securities."
The scale of the market rigging was significant, with "great distortion" caused to the market for New Silkroutes' securities. On the 31 days, which form the subject matter of Teo's proceeded charges, the alleged trades and orders executed by Teo, Huang and Goh accounted for 28.78 per cent of the total market volume, taking buy trades only.
----------------------
When an accomplice pleads guilty and gets 12 weeks, it's very difficult for a fellow accomplice to get away without a jail term, regardless if the fellow accomplice is the mastermind.
If I'm going to let the mastermind get away with a slap on the wrist, I will postpone the sentencing of the accomplice who pleads guilty, until the trial for the mastermind is completed.
If I'm going to let the mastermind get away with a slap on the wrist, I will postpone the sentencing of the accomplice who pleads guilty, until the trial for the mastermind is completed.
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