Enforcement Actions
Published Date: 23 March 2021

Person charged for offences under the Securities and Futures Act and Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act

Singapore, 23 March 2021… Mr Tang Boon Hai was charged today for offences under the Securities and Futures Act (SFA) and Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). Mr Tang is the third individual being charged for offences related to trading in the shares of KTL Global Limited (KTL), a company listed on the Mainboard of the Singapore Exchange, committed between 16 October 2014 and 8 September 2015. On 29 October 2020, the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department of the Singapore Police Force (CAD) charged two other individuals, Mr Tan Kheng Yeow (Mr Tan KY) and Mr Tan Chun Yong, who were involved in the same case[1] .

 

2     Mr Tang is accused of being involved in a conspiracy with Mr Tan KY for false trading in the shares of KTL, by using multiple trading accounts to carry out trades for the purpose of creating a false or misleading appearance of active trading in the security. Mr Tang is also accused of engaging in a practice which was likely to operate as a deception upon the brokerages through the unauthorised use of the trading accounts. In addition, he is alleged to have received monies amounting to $999,980, when he had reasonable grounds to believe that the monies represented benefits from Mr Tan KY’s criminal conduct.

 

3     Mr Tang faces 15 charges, comprising 1 count of conspiracy to carry out false trading under section 197(1)(a) of the SFA, 13 counts of unauthorised trading under section 201(b) of the SFA and 1 count of acquiring property that he had reasonable grounds to believe represented the benefits of criminal conduct under section 47(3) of the CDSA.

 

4     The investigation was jointly conducted by MAS and CAD.

 

5     If convicted, Mr Tang faces the following punishment:

 

         a.     For each charge under section 197(1)(a) and section 201(b) of the SFA, imprisonment for a term which may extend to a maximum of 7 years, or a fine of up to $250,000, or both; and

 

         b.     For each charge under section 47(3) of the CDSA, imprisonment for a term not exceeding 10 years, or a fine not exceeding $500,000, or both.