Singapore, 28 October 2025… The Monetary Authority of Singapore (MAS) has issued a 10-year prohibition order (PO) under the Financial Services and Markets Act 2022 (FSMA) against Mr Tang Boon Hai.^[1] This follows his conviction in the State Courts for committing false trading, unauthorised trading, and dishonestly receiving stolen property.^[2]

2 On 1 August 2014, SGX announced a minimum trading price (MTP) requirement for issuers listed on the Mainboard of the Singapore Exchange. Under this requirement, which was implemented in March 2015, an issuer’s volume weighted average price (VWAP) over a 6-month period cannot fall below $0.20. At the time, an issuer that failed to comply with the MTP requirement would eventually be delisted.^[3]

3 On 1 August 2014, the 6-month VWAP of KTL Global Limited’s (KTL) shares was below the MTP requirement. Amid concerns of the company’s inability to meet SGX’s MTP requirement, then-Chief Executive Officer of KTL, Mr Tan Kheng Yeow conspired with Mr Tang to create a false or misleading appearance of active trading in KTL shares between 16 October 2014 and 8 September 2015. ^[4]  By doing so, the duo intended to induce genuine market participants to buy KTL shares, thereby increasing KTL’s share price. Mr Tan thus arranged for funds to be transferred to Mr Tang to finance trades in KTL shares.

4 From 4 November 2014 to 8 September 2015, Mr Tang placed orders and traded in KTL shares through 14 trading accounts with the intention to create a false appearance of active trading in the market for KTL shares.  Mr Tang was only authorised to operate one of these trading accounts; the remaining 13 trading accounts were registered under the names of four other persons.

5 Over the 10 month-period, Mr Tang purchased about 122.76 million KTL shares and sold about 120.66 million KTL shares.  The total volume of KTL shares traded in the market during this period was about 221 million shares. Mr Tang’s trades thus accounted for more than half of the total volume of KTL shares traded in the market during this period.

6 On 20 May 2015, Mr Tang dishonestly received $999,980, in a trading account held by Infinity Global Consultancy Pte Ltd, where he was the sole director and shareholder. Mr Tang had reason to believe that this money was stolen property, but he used part of the sum to fund his false trading in KTL shares.

7 On 20 March 2023, Mr Tang pleaded guilty to false trading, unauthorised trading, and dishonestly receiving stolen property. He was subsequently sentenced to 30 months’ imprisonment.^[5]

8 In view of his offences, MAS is satisfied that Mr Tang is not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA. In particular, MAS noted that Mr Tang’s misconduct was serious because he engaged in a conspiracy to create a false appearance of active trading in KTL shares and dishonestly received stolen property in furtherance of such false trading. His false trades also accounted for over half of the KTL shares traded in the market and significantly distorted the genuine forces of demand and supply of KTL’s shares for an extended period of time.

9 Under the PO, which took effect on 28 October 2025, Mr Tang is prohibited from:

a. carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS;

b. taking part, directly or indirectly, in the management of or acting as a director, partner or manager, of any financial institution (FI)^[6] ;

c. becoming a substantial shareholder of any FI that is a corporation; and

d. if Mr Tang is already a substantial shareholder of a FI that is a corporation, acquiring any interest in any voting share in the FI other than a voting share in which he already has an interest.

*****

Additional Information

(A) Financial Services and Markets Act (FSMA)

The FSMA is an omnibus Act for the sector-wide regulation of financial services and markets, which, among other things, introduced and implemented MAS’ harmonised and expanded power to issue prohibition orders (PO)^[7] .

(B) Sections 7(1) and 7(2) of the FSMA

Under section 7(1) of the FSMA, MAS may, by written notice, make a PO against any person, if MAS is satisfied that the person is not a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria to carry out any one or more of the acts mentioned in section 7(2) of the FSMA.  

Under section 7(2) of the FSMA, it is stated that a PO made under section 7(1) FSMA may prohibit the person, whether permanently or for a specified period, from any one or more of the following:

1. carrying on any activity or business, or providing any service, the carrying on or provision (as the case may be) of which is regulated or authorised by the MAS;
2. performing any relevant function;
3. taking part, directly or indirectly, in the management of, or acting as a director, partner or manager of, any financial institution;
4. becoming a substantial shareholder of any financial institution that is a corporation;
5. where the person is a substantial shareholder of a financial institution that is a corporation, acquiring any interest in any voting share in the financial institution other than a voting share in which the person already has an interest.

(C) Section 197(1)(a) of the Securities and Futures Act (SFA) at the time of the offence

Under section 197(1)(a) of the SFA, no person shall do any thing, cause any thing to be done or engage in any course of conduct, if his purpose, or any of his purposes, for doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, is to create a false or misleading appearance of active trading in any securities on a securities market.

(D) Section 201(b) of the SFA at the time of the offences

Under section 201(b) of the SFA, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any securities engage in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person.

(E) Section 109 of the Penal Code (PC) at the time of the offence

Under section 109 of the PC, whoever abets any offence shall, if the act abetted is committed in consequence of the abetment, and no express provision is made by the PC for the punishment of such abetment, be punished with the punishment provided for the offence.

(F) Section 411(1) of the PC at the time of the offence

Under section 411(1) of the PC, whoever dishonestly receives or retains any stolen property, knowing or having reason to believe the property to be stolen property, shall be punished with imprisonment for a term which may extend to 5 years, or with fine, or with both.