54-year-old Goh Jin Hian, the former chief executive officer of investment holding company New Silkroutes Group and the son of Emeritus Senior Minister Goh Chok Tong, was charged with 39 charges under the Securities and Futures Act on 20 September, according to Channel NewsAsia.
Understanding the Charges
Goh Jin Hian stands accused of conspiring with three other men to create a misleading appearance of the price of New Silkroutes’ securities.
These alleged manipulative actions took place on 31 trading days spanning from February 2018 to August 2018. The charges are serious and encompass a range of activities, including price manipulative orders, trades, and share buybacks conducted through the corporate trading account of New Silkroutes.
The Co-accused Individuals
Goh Jin Hian is not alone in facing these charges. He is joined by three other individuals who were associated with New Silkroutes:
- Kelvyn Oo Cheong Kwan – A former executive director and chief corporate officer at New Silkroutes, aged 52.
- William Teo Thiam Chuan – A former finance director at the group, aged 54.
- Huang Yiwen – A commercial market maker engaged by New Silkroutes, aged 40.
All three of these co-accused individuals received 31 similar charges each, mirroring the allegations against Goh Jin Hian.
Huang is set to return to court in November while the other three men are set to return to court next month.
Legal Representation
The legal battle that ensued saw prominent legal representatives on both sides. Goh Jin Hian is being represented by Mr. Navin Thevar from Davinder Singh Chambers.
Kelvyn Oo Cheong Kwan is being represented by Senior Counsel N. Sreenivasan and Mr. S. Balamurugan from K&L Gates Straits Law.
William Teo Thiam Chuan is being represented by Mr. Thong Chee Kun and Ms. Ng Pei Qi from Rajah & Tann.
Huang Yiwen is being represented by Ms. Diana Ngiam and Ms. Joyce Khoo from Quahe Woo & Palmer.
Goh’s Journey at New Silkroutes
Goh Jin Hian’s association with New Silkroutes dates back several years. He assumed the role of CEO of the group in June 2015 before becoming the chairman in 2020. However, in October 2020, he made a significant announcement on the Singapore Exchange (SGX), stating that he had stepped down as chairman, citing the need to devote more time to his personal affairs.
Coincidentally, during the same period, his co-accused, William Teo Thiam Chuan, also resigned to “focus on personal matters”.
The Investigation and Legal Proceedings
The charges brought against Goh Jin Hian and his co-accused stem from a joint investigation conducted by the police’s Commercial Affairs Department and the Monetary Authority of Singapore.
Potential Outcomes
As these legal proceedings unfold, the four individuals find themselves facing significant consequences if convicted. Each charge carries the potential for a jail term of up to seven years, a hefty fine of up to S$250,000 (US$183,100), or both.