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Son of Singapore’s Former Prime Minister Charged With False Trading Offenses
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Philip J. Heijmans / Bloomberg
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Sep 20, 2023 8:30 AM CUT
Goh Jin Hian, then CEO of New Silkroutes Group, photographed in September 2018.
Goh Jin Hian, then CEO of New Silkroutes Group, photographed in September 2018.Singapore Press/AP
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Sep 20, 2023 8:30 AM CUT
Goh Jin Hian, the son of former Singapore Prime Minister Goh Chok Tong, was among four people charged Wednesday with false trading offenses, Channel News Asia reported.
The 54-year-old ex-chief executive officer of investment holding company New Silkroutes Group Ltd., Goh stands accused of conspiring with three other men linked to the firm for creating a misleading appearance of the price of its securities on 31 trading days between February and August of 2018, according to the report.
Goh is also accused of pushing up the price of the company’s securities by placing orders and executing trades using his bank investment account. He was handed 39 charges under the Securities and Futures Act, while the three other men each received 31 similar charges.
Navin Thevar, the lawyer representing Goh, didn’t immediately respond to a phone call and email seeking comment.
More From TIME
Goh and the three others charged could face a jail term of up to seven years and a fine of as much as S$250,000 ($183,000), or both, on each charge.
The development adds to a number of scandals in the financial hub known for its zero tolerance for corruption. A separate billion-dollar money laundering probe is already shining a light on fund flows from abroad and raising questions about loopholes that enabled an alleged criminal syndicate to accumulate massive amounts of wealth. The city-state’s anti-graft body is also conducting an investigation involving Transport Minister S. Iswaran.
Read More: A Wave of Scandals Is Testing the Singaporean Government’s Ability to Take Criticism
—With assistance from Chanyaporn Chanjaroen.