SINGAPORE: The son of Singapore’s former prime minister Goh Chok Tong has been charged with market rigging offences, police said today.
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, police said in a statement.
Another man, the director of a commercial market maker engaged by New Silkroutes Group at the time, was also charged with similar offences.
The four men were each charged with 31 counts of false trading for manipulating the price of New Silkroutes Group securities in 2018.
They allegedly engaged in “a conspiracy to create a misleading appearance with respect to the price of NSG securities”, the statement said.
If convicted they could face a jail term of up to seven years, or a fine of up to S$250,000, or both for each charge.
Goh faces another eight counts of false trading for allegedly placing orders and trading NSG securities through his personal trading account to push up their prices between Aug 31 and Dec 4, 2018.
The businessman and former physician is the son of the elder Goh, who took over from founding prime minister Lee Kuan Yew in 1990.
His father served as prime minister until 2004 and handed the reins to current Prime Minister Lee Hsien Loong, Lee Kuan Yew’s eldest child.