Former S’pore PM’s Son Assisting in Investigations By CAD for False Trading & Market Rigging

It was disclosed by New Silkroutes Group on 30 September that Dr Goh Jin Hian and Mr William Teo are assisting the Commercial Affairs Department (CAD) with investigations.

Dr Goh Jin Hian is the executive director and chief executive officer of New Silkroutes Group, while Mr William Teo is the finance director.

Dr Goh is also the son of former prime minister Goh Chok Tong, who retired from politics in the recent GE.

According to The Straits Times, the CAD is currently investigating the group over a possible offence under the Securities and Futures Act.

The mainboard-listed investment holding company was responding to queries raised by the Singapore Exchange (SGX) with regards to the investigation.

The group mentioned that it understands that the alleged offence is false trading and market rigging pursuant to Section 197 of the Securities and Futures Act in view of past share buy-backs and acquisitions of shares.

“All share buy-backs conducted by the company previously were in the ordinary course and transacted on the open market and announced in accordance with the share buy-back mandate approved by the shareholders of the company and the SGX-ST’s guidelines and regulations,” said the group.

When asked by the SGX if the parties named are subjects of the investigation, the group said that no charges have been made against the named parties as far as the group is aware.

“The nominating committee and the board are of the view that Dr Goh and Mr Teo are suitable to continue as a director and/or executive officer of the company, as investigations are still ongoing and no charges have been made against them,” said the group.

However…

Passports of both Dr Goh and Mr Teo retained by CAD

The passports of both Dr Goh and Mr Teo have been retained by the CAD.

The group said neither of them has been arrested nor charged, and no bail has been required to be posted.

It was also mentioned that the group had been told to hand over information and papers for a police probe earlier this month, according to the group in a bourse filing.

Following the retirement of Mr Pao Kiew Tee as independent director and chairman, Dr Goh was also designated chairman of the company with effect from 1 August.

Dr Goh will be retiring as CEO with effect from 1 October, and will become the non-executive chairman thereafter.

In a separate filing on Wednesday night, New Silkroutes announced the appointment of Dr VicPearly Wong as CEO to replace Dr Goh with effect from 1 October.

What Happened

On September 24, the CAD launched an investigation into New Silkroutes Group over a possible offence under the Securities and Futures Act.

Dr Goh told SGX on Sunday that the group was asked by the CAD and the Monetary Authority of Singapore (MAS) to provide certain information and documents for the probe on September 24.

Dr Goh also told SGX that one of the company directors and certain senior management and former management executives were also assisting with the CAD’s probe.

On September 25, a separate SGX filing disclosed that Mr Kelvyn Oo Cheong Kwan, the former executive director and chief corporate officer of New Silkroutes, was also assisting with the CAD probe.

Mr Oo had left the group on August 1.

Dr Goh said in Friday’s filing that New Silkroutes’ business and operations have not been affected and will continue as usual.

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