Market Maker Faces Further False Trading Charges With Four Former Executives Of Tee International Limited And Agv Group Limited

On 12 December 2023, the Prosecution filed additional charges under the Securities and Futures Act ("SFA") against Huang Yiwen ("Huang").

These charges were for conspiring with two former executives of TEE International Limited ("TEE International"), and with two former executives of AGV Group Limited ("AGV Group"), to create misleading appearances with respect to the prices of the respective companies' securities between 2017 and 2019. Huang was the sole director of GTC Group Pte Ltd ("GTC Group") when it was engaged by the companies to provide market making services at the material time. TEE International and AGV Group are listed on the Mainboard and the Catalist board of SGX respectively. The four former executives of TEE International and AGV Group face similar charges.

Huang was also charged for conspiring with two other individuals to create a misleading appearance of active trading in the securities of four SGX-listed companies, namely TEE International, AGV Group, Mencast Holdings Ltd ("Mencast Holdings") and BRC Asia Limited ("BRC Asia"), as well as the units of one SGX-listed real estate investment trust ("REIT"), Sasseur REIT, between 2017 and 2020.

Huang had earlier been charged for engaging in a conspiracy with three former management executives of New Silkroutes Group to create a misleading appearance with respect to the price of New Silkroutes Group securities in 2018.

Charges in relation to Price Rigging and False Trading

Misleading appearance with respect to the price of TEE International securities

Huang and two former executives of TEE International, Phua Chian Kin ("Phua") and Neo Weng Meng, Edwin ("Neo"), are alleged to have placed orders and executed trades in TEE International securities to push up the price of TEE International securities on 50 trading days between 6 March 2018 and 26 April 2019. At the material time, Phua was the Group Chief Executive and Managing Director of TEE International, and Neo was the Managing Director of a subsidiary of TEE International. Arising from this, Huang, Phua, and Neo were each charged with 50 counts of offences under Section 197(1)(b) of the SFA read with Section 109 of the Penal Code ("PC"), for engaging in a conspiracy to create a misleading appearance with respect to the price of TEE International securities.

Misleading appearance with respect to the price of AGV Group securities

Huang is also alleged to have placed orders and executed trades in AGV Group securities to push up the price of AGV Group securities on four trading days between 13 October 2017 and 14 November 2017. He also allegedly conspired with two former executives of AGV Group, Albert Ang Nam Wah ("Ang") and Sim Teck Chye ("Sim") to push up the price of AGV Group securities on 13 other trading days between 23 November 2017 and 5 February 2018. At the material time, Ang and Sim were the Chief Executive Officer and Investor Relations Executive of AGV Group respectively. Huang, Ang, and Sim were each charged with 13 counts of offences under Section 197(1)(b) of the SFA read with Section 109 of the PC , with Huang facing an additional four charges under Section 197(1)(b) of the SFA.

Sim faces two more charges for offences in connection with the alleged false trading. He is alleged to have placed orders and executed trades in another person's trading account without the authorisation of the relevant securities trading firm, in contravention of Section 201(b) of the SFA, and which is also an offence under Section 204(1) of the SFA. He is also alleged to have attempted to pervert the course of justice by telling Huang to delete messages between them, which is an offence under Section 204A read with Section 511 of the PC.

Misleading appearance of active trading in five SGX listed counters

Huang was further charged with 14 counts of offences under Section 197(1)(a) of the SFA read with Section 109 of the PC, for conspiring with two other individuals, Tay Sze Chien ("Tay"), a fund manager and Tan Wei Liang ("Tan"), a trading representative, to create a misleading appearance of active trading in five SGX listed counters. These charges are amalgamated under Section 124(4) of the Criminal Procedure Code 2010 ("CPC"). Tay and Tan face similar charges. The alleged false trading was conducted during the following time periods:

Counters	Time Period
TEE International	Between 8 January 2018 and 18 March 2019
AGV Group	Between 10 October 2017 and 11 July 2018
Mencast Holdings	Between 13 September 2017 and 5 February 2020
BRC Asia	Between 1 December 2017 and 5 February 2020
Sasseur REIT	Between 21 September 2018 and 26 December 2018

Tay and Tan also face further charges in connection with alleged false trading. Tay was charged with five counts of offences under Section 201(b) of the SFA, for placing orders and executing trades in his family members' trading accounts without the authorisation of the relevant securities trading firms ("Unauthorised Accounts"). As for Tan, he was the trading representative for one of the Unauthorised Accounts and allegedly knew of Tay's unauthorised use. Despite this, he failed to prevent Tay from trading, in contravention of Section 201(b) of the SFA, which is an offence under Section 204(1) of the SFA read with Section 109 of the PC.

Details of the charges faced by all ten accused persons (including those from the earlier prosecution) are set out in Annex A.

The SFA charges above arose from a joint investigation carried out by the Commercial Affairs Department ("CAD") of the Singapore Police Force, and the Monetary Authority of Singapore.

Further charges against Phua, former Group Chief Executive and Managing Director of TEE International

Phua was charged with four counts of offences under Section 408 of the PC for dishonestly misappropriating a total of $3.75 million from two subsidiaries of TEE International on four occasions between February and March 2019.

He also faces three counts of offences under Section 402(1)(a) of the Companies Act ("CA") for making a false statement to the directors and an external auditor of TEE International on three occasions in July 2019.

The PC and CA charges above arose from investigations carried out by the CAD and the Accounting and Corporate Regulatory Authority.

If convicted, an individual faces:

1. For each charge under Section 197(1)(a), Section 197(1)(b), and Section 201(b) of the SFA, an imprisonment term of up to seven years, a fine of up to $250,000 or both. For each amalgamated charge, an individual potentially faces two times that punishment if convicted, pursuant to Section 124(8)(a)(ii) of the CPC.
   
   
2. For each charge under Section 204A of the PC, an imprisonment term of up to seven years, a fine or both.
   
   
3. For each charge under Section 408 of the PC, an imprisonment term of up to 15 years, and shall also be liable to a fine.
   
   
4. For each charge under Section 402(1)(a) of the CA, an imprisonment term of up to two years, or a fine of up to $10,000, or both.
   
   

Annex A

S/N	[1]Accused Person	Charges
1	Huang Yiwen, sole director of GTC Group Pte Ltd, a commercial market maker	31 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of New Silkroutes Group securities on 31 trading days between 1 March 2018 and 27 August 2018 50 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of TEE International securities on 50 trading days between 6 March 2018 and 26 April 2019 Four counts of Section 197(1)(b) of the SFA for creating a misleading appearance with respect to the price of AGV Group securities on four trading days between 13 October 2017 and 14 November 2017 12 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of AGV Group securities on 12 trading days between 23 November 2017 and 30 January 2018 One count of Section 197(1)(b) of the SFA read with Section 120B and 109 of the PC for being a party to a criminal conspiracy to do acts for a purpose of creating a misleading appearance with respect to the price of AGV Group securities on 5 February 2018 14 counts of Section 197(1)(a) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create misleading appearance of active trading in the securities of TEE International, AGV Group, BRC Asia, and Mencast Holdings, and units of Sasseur REIT
2	Goh Jin Hian, former Chief Executive Officer of New Silkroutes Group	31 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of New Silkroutes Group securities on 31 trading days between 26 February 2018 and 27 August 2018 Eight counts of Section 197(1)(b) of the SFA for pushing up the price of New Silkroutes Group securities on eight trading days between 31 August 2018 and 4 December 2018
3	Oo Cheong Kwan Kelvyn, former Chief Corporate Officer of New Silkroutes Group	31 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of New Silkroutes Group securities on 31 trading days between 26 February 2018 and 27 August 2018
4	Teo Thiam Chuan William, former Finance Director of New Silkroutes Group	31 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of New Silkroutes Group securities on 31 trading days between 26 February 2018 and 27 August 2018
5	Phua Chian Kin, former Group Chief Executive and Managing Director of TEE International	50 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of TEE International securities on 50 trading days between 6 March 2018 and 26 April 2019 Four counts of Section 408 of the PC for dishonestly misappropriating a total of $3.75 million from two subsidiaries of TEE International on four occasions between February and March 2019 Three counts of Section 402(1)(a) of the CA for making a false statement to the directors and an external auditor of TEE International on three occasions in July 2019
6	Neo Weng Meng, Edwin, former Managing Director of a subsidiary of TEE International	50 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of TEE International securities on 50 trading days between 6 March 2018 and 26 April 2019
7	Albert Ang Nam Wah, former Chief Executive Officer of AGV Group	12 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of AGV Group securities on 12 trading days between 23 November 2017 and 30 January 2018 One count of Section 197(1)(b) of the SFA read with Section 120B and 109 of the PC for being a party to a criminal conspiracy to do acts for a purpose of creating a misleading appearance with respect to the price of AGV Group securities on 5 February 2018
8	Sim Teck Chye, former Investor Relations Executive of AGV Group	12 counts of Section 197(1)(b) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create a misleading appearance with respect to the price of AGV Group securities on 12 trading days between 23 November 2017 and 30 January 2018 One count of Section 197(1)(b) of the SFA read with Section 120B and 109 of the PC for being a party to a criminal conspiracy to do acts for a purpose of creating a misleading appearance with respect to the price of AGV Group securities on 5 February 2018 One count of Section 201(b) of the SFA for engaging in practices which were likely to operate as a deception on a securities trading firm One count of Section 204A read with Section 511 of PC for attempting to pervert the course of justice
9	Tay Sze Chien, then a fund manager	14 counts of Section 197(1)(a) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create misleading appearance of active trading in the securities of TEE International, AGV Group, BRC Asia, and Mencast Holdings, and units of Sasseur REIT Five counts of Section 201(b) of the SFA for engaging in practices which were likely to operate as a deception on three securities trading firms
10	Tan Wei Liang, then a trading representative	One count of Section 197(1)(a) of the SFA read with Section 109 of the PC for engaging in a conspiracy to create misleading appearance of active trading in the securities of BRC Asia Two counts of Section 201(b) of the SFA read with Section 109 of the PC for intentionally aiding Tay Sze Chien in engaging in practices which were likely to operate as a deception on a securities trading firm

[1] Goh Jin Hian, Oo Cheong Kwan Kelvyn, and Teo Thiam Chuan William were charged in court on 20 September 2023. Huang Yiwen was first charged in court on 20 September 2023 with 31 counts of Section 197(1)(b) SFA read with Section 109 PC, alongside the aforementioned accused persons. Further charges were tendered against him on 12 December 2023. The rest of the accused persons were also charged on 12 December 2023.

SINGAPORE POLICE FORCE
ACCOUNTING AND CORPORATE REGULATORY AUTHORITY
12 December 2023 @ 12:10 PM