Between Dec 1, 2015, and Jan 15, 2016, Chong had taken part in and assisted Lin Eng Jue to create the false impression that Koyo’s shares were worth more; to do so, the pair were trading shares in the company at progressively higher prices. The scheme was conducted to get a buyer to acquire Koyo via a reverse takeover. The scheme took Koyo’s shares to a high of 40 cents in January 2016 and came crashing down to close at 5.6 cents on Jan 28, 2016, when the scheme was revealed.
The Monetary Authority of Singapore (MAS) has issued a five-year prohibition order (PO) against Chong Yew Mun Alan on Sept 3. The PO comes after Chong, a former representative of RHB Securities (Singapore), was convicted in the State Courts under the Securities and Futures Act (SFA) for the false trading of shares in Catalist-listed Koyo International (SGX:5OC
) .
According to the MAS, Chong’s offences gave the central bank reason to believe that he will not “perform financial advisory and capital markets services honestly”.
