SINGAPORE: The CEO and chairman of mainboard-listed KS Energy Limited was charged on Wednesday with more than 100 counts of market rigging offences, with the company saying in a stock exchange filing that its business and operations remain unaffected.
According to the charge sheets, Wiluan is said to have instructed Ho Chee Yen, a 56-year-old female manager at his office, to instruct the trading representative in CIMB Securities servicing the account of Pacific One Energy, a company he owned and controlled, to use the account to purchase KS Energy shares.
Ho, a Singaporean, was charged with 92 counts of violating the SFA. She was accused of"intentionally aiding" Wiluan in the market rigging by relaying his instructions to the relevant trading representatives, said the release.If convicted, Wiluan and Ho face up to seven years in jail, a fine of up to S$250,000, or both, for each charge.
Wiluan and his son, Richard James, were interviewed in 2017 by the Commercial Affairs Department into a potential contravention of the SFA. Wiluan was released after his interview and posted bail, while his son did not require bail when released, KS Energy said in filing in April 2017.
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