Two former CIMB employees get ban orders after market manipulation case linked to former KS Energy CEO

SINGAPORE: Two former employees of CIMB Securities (Singapore) have received ban orders for bogus trading, following a market manipulation case involving former KS Energy CEO and Chairman Kris Wiluan.

Ms Ngin Kim Choo, who managed the CIMB business account used by Mr Wiluan, has been handed a five-year ban order, the Monetary Authority of Singapore (MAS) said on Monday (April 25).

Mr. Yeo Jin Lui, who managed the account in Ms. Ngin’s absence, was issued a four-year prohibition order that came into effect on April 25.

Ms Ngin and Mr Yeo have also paid civil penalties to MAS of S$100,000 and S$50,000 respectively without legal action, the financial regulator said.

“Both executed a customer’s instructions to purchase KS Energy (KSE) shares for the purpose of creating a false or misleading appearance regarding KSE’s share price,” it added.

Mr. Wiluan was convicted in May 2021 of market manipulation offenses and ordered to pay a fine of S$480,000.

He had manipulated the market 112 times between December 19, 2014 and September 13, 2016 by giving instructions to increase or maintain the price of KS Energy shares.

The police had said that on certain trading days, he instructed trade representatives of CIMB Securities (Singapore) to buy shares of KS Energy in order to increase the company’s share price.

In its Monday press release, MAS noted that Mr. Wiluan’s instructions regarding the bogus trades were passed on to Ms. Ngin and Mr. Yeo, who had the discretion to manage and advise on the execution of the trades. to achieve the desired price for KSE shares.

Between October 13, 2015 and September 13, 2016, Ms. Ngin traded KSE shares 29 times, inflating the traded price by at least 5 percent, MAS said.

Between September 22, 2015 and October 13 of that year, Yeo traded KSE shares seven times, which also inflated the traded price by at least 5 percent.

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