Five ex-remisiers charged for false trading of 55 SGX-listed securities

Chew Wei Zhan, a former remisier with DBS Vickers Securities (Singapore), faces 79 charges for false trading in 53 securities on 79 occasions;

Lee Wei Kai, a former remisier with Phillip Securities, faces 61 charges for false trading in 44 securities on 61 occasions;

Lim Ming Yi, a former remisier with Maybank Kim Eng Securities, faces 55 charges for false trading in 41 securities on 55 occasions; and

Lim Ming Chit, a former remisier with Phillip Securities, faces 22 charges for false trading in 19 securities on 22 occasions.

The offences took place mainly in 2015.

The number of companies manipulated as one case is believed to be the largest ever seen. There are around 700 companies listed on the SGX.

In an on-going case of similar nature, John Soh and Quah Su-Ling, alleged masterminds of the October 2013 penny stock crash, are on trial for manipulating shares of just three companies, although several more are believed to be the subject of their scheme.

If convicted, for each charge, the accused persons face punishment of imprisonment for a term which may extend to a maximum of 7 years, or a fine of up to $250,000, or both.

The investigation was done jointly by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD).

Of the 55 companies whose shares were allegedly manipulated by the five, many of them are in the beleaguered offshore and marine (O&M) sector.

A couple used to be the darlings of high-flying investors, such as contract manufacturer Huan Hsin Holdings.

There were also quite a handful of S-chips – or Chinese companies listed on SGX – as well, which as a sector, are not exactly favourites among investors here after a long string of business failures and corporate governance breaches over the years.

Several of the companies have since delisted. They include China Yongsheng, Huan Hsin, and Jaya Holdings.

Interestingly, a few of the stocks the five allegedly manipulated are linked to prominent individuals and families.

For example, Sunningdale is chaired by prominent Singapore Inc corporate figure Koh Boon Hwee, while Secura counts former Remisier King Peter Lim as one of the significant shareholders.

PACC Offshore, which was privatised recently, is controlled by the tycoon Robert Kuok's family.

Property developer Singhaiyi is controlled by the power Tang couple who are also substantial shareholders in other entities such as Suntec REIT.

The 55 companies involved are:

1. Alpha Energy
2. Annica Holdings
3. Artivision Technologies
4. Asiaphos
5. Asiatic Group
6. Cacola Furniture
7. China Gaoxian Fibre Fabric
8. China Kunda Technology
9. China New Town Development
10. China Sky Chemical Fibre
11. China Taisan Technology Group
12. China Yongsheng (delisted in June 2016)
13. Chiwayland (renamed CWG International)
14. Ecowise
15. Edition
16. EMAS Offshore
17. EMS Energy (delisted in 2019)
18. Enviro-Hub
19. Europtronic Group
20. Ezra Holdings (under judicial management)
21. Falcon Energy
22. Fu Yu Corp
23. Hu An Cable Holdings
24. Huan Hsin Holdings (delisted on Aug 12 2020)
25. IEV Holdings
26. Infinio Group
27. Japfa
28. Jason Holdings
29. Jaya Holdings (delisted on March 1 2018)
30. Jiutian Chemical Group
31. Ley Choon Group
32. Linc Energy
33. Longcheer Holdings (renamed LCT Holdings in 2016)
34. Luzhou Biochem
35. Mercator
36. Nam Cheong
37. Nordic Group
38. Ocean Sky International
39. OEL Holdings
40. PACC Offshore Services (delisted on Feb 5 2020)
41. Resources Prima Group
42. Rex International
43. RH Petrogas
44. Sapphire Corp
45. SBI Offshore
46. Secura
47. Singhaiyi
48. Sunningdale Tech
49. Sunvic Chemical
50. Swiber
51. Swissco Holdings (under judicial management)
52. Sysma
53. Triyards Holdings
54. TT International
55. Vibropower