Singapore, 29 October 2026… The Monetary Authority of Singapore (MAS) has issued Prohibition Orders (POs) against Mr Huang Yiwen, Mr Tay Sze Chien, Mr Tan Wei Liang and Mr Sim Teck Chye under the Financial Services and Markets Act 2022 (FSMA). The durations of POs issued against them are as follows:

Price rigging conspiracies 
3. Instead of providing legitimate market making services, Mr Huang conspired with executives of four SGX-listed entitiesThe four SGX-listed entities were New Silkroutes Group Limited, TEE International Limited, AGV Group Limited and EC World REIT to create misleading appearances of the prices of their shares (price rigging conspiracies) between November 2017 to February 2020. In these price rigging conspiracies, Mr Huang played a key role as the person who placed orders and executed trades to artificially push up or maintain the share prices. Over the course of these schemes, GTC received S$3.48 million in fees, from which Mr Huang benefited financially.

4. In connection to one of the price rigging conspiracies, Mr Sim, a former investor relations executiveAs an investor relations executive, Mr Sim’s role was to promote AGV’s shares to potential investors. of AGV Group Limited (AGV), conspired with Mr Huang and the former CEO of AGV to create a misleading appearance of AGV’s share price between November 2017 to February 2018. Mr Sim did so by conveying AGV CEO’s instructions to Mr Huang and coordinated with him to place orders and execute trades to artificially push up AGV’s share prices to the target levels set by AGV’s CEO. Prior to joining AGV, Mr Sim was a licensed trading representative under the Securities and Futures Act (SFA).

5. Mr Sim also perverted the course of justice by instigating Mr Huang to delete incriminating messages pertaining to their discussions to create a misleading appearance of AGV’s share price.

Active trading conspiracy 
6. At around the same time, Mr Huang also masterminded another scheme with two other individuals, Mr Tay and Mr Tan. Together, they conspired to create misleading appearances of active trading in five SGX-listed entitiesThese counters were TEE International Limited, AGV Group Limited, Mencast Holdings, BRC Asia and Sasseur REIT. that had engaged GTC to provide market making services (active trading conspiracy) between September 2017 to February 2020. At the material time, Mr Tay and Mr Tan were both appointed trading representatives under the SFA.

7. As trading activities in the shares of these five entities was low, Mr Huang enlisted Mr Tay to help artificially inflate the trading volumes. Mr Tay purchased parcels of shares from Mr Huang on the open market before selling it back to him at higher prices, allowing Mr Tay to profit from the difference. Mr Tan subsequently joined the scheme for one of the five entities. In furtherance of the scheme, Mr Tay placed trades in accounts belonging to others without the authorisation of the brokerage firm. Mr Tan facilitated Mr Tay’s use of one of these accounts, for which he was the trading representative, thereby allowing himself to earn a large amount of commission from Mr Tay’s trading activities. Overall, Mr Tay and Mr Tan received financial benefits of S$343,945.54 and S$122,801.64 respectively.

Custodial sentences imposed by the State Courts 
8. Mr Huang was sentenced to 15 months and 54 weeks’ imprisonment after pleading guilty to 24 counts of false trading offences under section 197 of the SFA read with section 109 of the Penal Code (PC), with another 88 similar offences taken into considerationMr Huang also received a stern warning in lieu of prosecution for false trading offence linked to the unit prices of EC World REIT where he conspired with Mr Li Jinbo, the former Chief Investment Officer of EC World Asset Management Pte Ltd. MAS issued Mr Li with a three-year PO – please refer to the media release dated 27 July 2026 here .

9. Mr Tay was sentenced to 11 months and 5 weeks’ imprisonment after pleading guilty to five counts of false trading offences under section 197(1)(a) of the SFA read with section 109 of the PC and one count of unauthorised trading under section 201(b) of the SFA, with another 13 similar offences taken into consideration.

10. Mr Tan was sentenced to 6 weeks’ imprisonment after pleading guilty to one count of false trading under section 197(1)(a) of the SFA read with section 109 of the PC and one count of unauthorised trading under section 201(b) of the SFA read with section 109 of the PC with one other offence taken into consideration.

11. Mr Sim was sentenced to three weeks and 32 days’ imprisonment after pleading guilty to three counts of false trading under section 197(1)(b) of the SFA read with section 109 of the PC and one count of obstruction of justice offence under section 204A of the PC read with section 511 of the PC, with 11 other offences taken into consideration.

12. In view of their offencesPlease refer to the media release dated 18 August 2025 on the convictions of Mr Huang, Mr Tay, Mr Tan and Mr Sim here ., MAS is satisfied that Mr Huang, Mr Tay, Mr Tan and Mr Sim are not fit and proper persons, in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA.

13. Under the POs, effective 29 October 2026, Mr Huang, Mr Tay, Mr Tan, and Mr Sim are prohibited, for 13 years, 7 years, 4 years and 3 years respectively, from carrying on or providing any MAS regulated or authorised activity or businessAs defined in section 2 of the FSMA, from participating (directly or indirectly) in the management of any financial institution, and from acting as a director, partner or manager, of any financial institutionAs defined in section 2 of the FSMA. They are also prohibited from becoming, or increasing their interest as a substantial shareholder of any financial institution that is a corporation.

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