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Singapore PM Goh’s Son Charged With False Trading

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Police in Singapore have charged the son of former Prime Minister Goh Chok Tong with market rigging.

According to police, Goh Jin Hian, the former CEO of New Silkroutes Group, a Singapore-listed investment holding company, was charged in court along with two other former executives of the company.

Another man, the director of a commercial market maker employed at the time by New Silkroutes Group, was also charged with similar offences.

The four men were charged with 31 counts of false trading in 2018 for allegedly manipulating the price of New Silkroutes Group securities.

According to the statement, they were involved in “a conspiracy to create a misleading appearance with respect to the price of NSG securities.”

If convicted, they could face up to seven years in prison or a fine of up to SGD250,000 (USD183,200) for each charge.

Goh faces an additional eight counts of false trading for allegedly placing orders and trading NSG securities through his personal trading account between August 31 and December 4, 2018, in order to raise their prices.

The businessman and former physician is the son of founding Prime Minister Lee Kuan Yew, who took over in 1990.

His father served as Prime Minister until 2004, when he handed over the reins to Lee Hsien Loong, Lee Kuan Yew’s eldest child.

Info source – Malay Mail

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