Singapore, 31 August 2026… The Monetary Authority of Singapore (MAS) has issued 1-year and 4-year Prohibition Orders (POs) under the Financial Services and Markets Act 2022 (FSMA) against Mr Huang Wenhui and Ms Han Yixuan, Almeta respectively. They were both former appointed representatives of CGS-CIMB Securities (Singapore) Pte Ltd (CGS-CIMB) who had abetted Mr Gui Boon Sui’s (Gui) false trading and market rigging scheme In January 2025, MAS had imposed a civil penalty of S$350,000 on Mr Gui for falsely trading in the shares of Hiap Hoe Limited (HHL) and Hotel Grand Central Limited (HGC), and trading using the accounts of other persons without the authorisation of the brokerage firms..

Huang Wenhui (Huang)

2 Huang, a corporate broker at CGS-CIMB, serviced the CGS-CIMB trading accounts belonging to Gui. As part of his role, Huang assisted Gui to place orders to buy and sell shares. Huang knew that Gui’s trading pattern suggested that Gui was marking the close, a form of market manipulation which in this case involved the purchase of shares in Hiap Hoe Limited (HHL) near or at market close to artificially influence the closing price. Notwithstanding this, Huang continued to assist Gui to place orders to buy HHL shares to facilitate his marking of the close between 8 February 2018 and 19 August 2020.

Han Yixuan, Almeta (Han)

3 Han, a remisier at CGS-CIMB, assisted Gui to place orders to buy and sell shares in Gui’s CGS-CIMB trading accounts when Huang was unavailable to do so. She also executed trading instructions from Gui in the CGS-CIMB trading account of Gui’s employee, despite the absence of any formal authorisation from the employee allowing another person to operate the account. Han knew or ought to have known that Gui was trying to mark the close for shares in HHL and Hotel Grand Central Limited, and had intentionally aided and abetted Gui by providing advice to facilitate Gui’s marking of the close as well as by placing the orders in the accounts belonging to Gui and his employee between 23 February 2015 and 13 August 2020.

4 In view of their misconduct, MAS is satisfied that Huang and Han are not fit and proper persons in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA.

5 Under the POs, effective 31 August 2026, Huang and Han are prohibited for 1 year and 4 years respectively, from carrying on or providing any MAS regulated or authorised activity or business, from participating (directly or indirectly) in the management of any financial institutionAs defined in section 2 of the FSMA., and from acting as a director, partner or manager, of any financial institution. Huang and Han are also prohibited from becoming, or increasing his/her interest as a substantial shareholder of any financial institution that is a corporation.

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Additional Information

(A) Financial Services and Markets Act 2022 (“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)Please refer to MAS’ website for more details..

(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:

(a)  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;

(b)  performing any relevant function;

(c)  taking part, directly or indirectly, in the management of, or acting as a director, partner or manager of, any financial institution;

(d)  becoming a substantial shareholder of any financial institution that is a corporation; and

(e)  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)(b) of the Securities and Futures Act (Chapter 289, 2006 Revised Edition) (“SFA”) at the time of the offences

Under section 197(1)(b) 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 with respect to the market for, or the price of, any capital markets products traded on an organised market.

(D) Section 109 of the Penal Code (Chapter 224, 2008 Revised Edition) (“PC”) at the time of the offences

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.

(E) 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 capital markets products 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.

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