The 46-year-old Chief Executive Officer (CEO) of No Signboard Holdings, Lim Yong Sim, faced three charges that includes market rigging and false trading on 27 July.
A joint investigation by the Commercial Affairs Department and the Monetary Authority of Singapore was launched against Lim before he was charged.
Singapore Police Force’s press release
EXECUTIVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF NO SIGNBOARD HOLDINGS LIMITED CHARGED FOR PRICE RIGGING
On 27 July 2023, Lim Yong Sim (“Lim”), the Executive Chairman and Chief Executive Officer of No Signboard Holdings Limited (“NSB”), a company listed on the Catalist Board of the Singapore Exchange, was charged for price rigging offences under the Securities and Futures Act (“SFA”).
The charges arose from a joint investigation by the Commercial Affairs Department (“CAD”) of the Singapore Police Force and the Monetary Authority of Singapore.
Lim was charged with three counts of Section 197(1)(b) of the SFA for engaging in a course of conduct for the purpose of creating a false appearance with respect to the price of NSB shares.
Lim had allegedly placed orders for NSB shares and trades in NSB shares were executed in the trading account of Gugong Pte Ltd (“Gugong”), for the purpose of pushing up and/or supporting the price of NSB shares in two time periods, namely (i) between 19 and 29 June 2018 and (ii) between 30 November 2018 and 11 January 2019.
At the material time, he was the director and the majority shareholder of Gugong. Gugong was in turn the majority shareholder of NSB.
On 31 January 2019, Lim allegedly placed orders for NSB shares and trades in NSB’s corporate trading account were executed to push up and/or support the price of NSB shares.
If convicted under Section 197(1)(b) of the SFA, offenders may be sentenced to an imprisonment term of up to seven years, a fine not exceeding $250,000, or both.
PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
27 July 2023 @ 11:20 AM