By doing so, Gui has flouted section 197(1)(b) and section 201(b) of the Securities and Futures Act. He will pay MAS the civil penalty without court action. He has also given an undertaking not to be a company director or be involved in the management of a company for two years.
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $350,000 on one Gui Boon Sui @ Goi Chon Yan for false trading in the shares of two listed companies between Dec 2018 and Aug 2022.
In a joint statement on Jan 13 by the MAS and the Commercial Affairs Department, Gui artificially inflated the prices of property firm Hiap Hoe (SGX:5JK
) and hotel operator Hotel Grand Central (SGX:H18) by using trading accounts under the names of two of his employees, as well as via his own accounts.
