SINGAPORE: For price-rigging crimes, the former CEO and executive chairman of restaurant operator No Signboard Holdings was fined S$420,000 (US$317,000) on Friday, November 1. According to a news release issued by the Singapore Police Force (SPF) on Friday, Lim Yong Sim entered a guilty plea to three charges of deceptive trade.
Lim used Gugong Pte Ltd’s trading account to buy 4,331,200 No Signboard shares in June 2018, inflating the company’s share price. According to SPF, Lim was Gugong’s director and key shareholder at the time. Gugong was also a substantial shareholder in No Signboard Holdings. According to the police, Lim was under pressure from shareholders at the relevant period because of No Signboard’s falling share price.
While the Straits Times Index fell 1.69 percent within the same time period, the fraudulent trades increased No Signboard’s share price by 27%, from S$0.154 to S$0.196.The restaurant operator’s share price fell again after the announcement of its 2018 financial year results. No Signboard’s share price fell to S$0.137 after the results announced on Nov 29 revealed that it had registered a loss.
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