SINGAPORE:  , The Monetary Authority of Singapore ( MAS ) has imposed a S$ 350, 000 ( US$ 255, 000 ) civil penalty on a man for false and unauthorised trading which inflated the price of two stocks.
Following a recommendation from the Singapore Exchange Regulation (SGX RegCo ), the central bank of Singapore, and the police, the Commercial Affairs Department and MAS jointly investigated, according to a joint press release released on Monday ( Jan 13 ).
Gui Boon Sui, also known as Goi Chon Yan, bought shares in two Singapore Exchange-listed (SGX ) companies- Hiap Hoe Limited ( HHL ) and Hotel Grand Central Limited ( HGC )- between , December 2018 and August 2022.
This was done” for the purpose of artificially inflating the shares ‘ closing prices,” according to the authorities.  ,
On the website of Regency Steel Asia, a division of Japanese company Mitsui, Gui is listed as president.
According to Hiap Hoe’s 2023 yearly record, Mr Gui , is a large investor in the organization.
As of Mar 18, 2024, he held a , direct interest , of 0.22 per cent (or , 1, 041, 600 shares ) and deemed interest , of 5.5 per cent (or , 25, 876, 950 shares )  , in HHL.  ,
Gui “artificially inflated the closing costs of HHL and HGC stock on 554 times and 56 days, both,” according to MAS.
Mr. Gui “used trading addresses belonging to two of his people to do illegal acquisitions of HHL and HGC shares for the same reason” in addition to carrying out these transactions in his own trading accounts.
According to their sites, HHL is a local real estate team while HGC owns and operates resorts and qualities in Singapore, Malaysia, Australia and New Zealand.
Mr. Gui has since admitted to breaking the Securities and Futures Act’s false and illegal trading regulations and may spend MAS the legal penalty without facing legal action.
Additionally, he has voluntarily agreed not to serve as a business director or to take part in the supervision of a business for two years.
A civil penalties proceeding is not a legal proceeding and does not carry out legal penalties. Beginning in 2004, the civil charges regime, which MAS claimed was a subtle approach to fight market misconduct and was meant to complement judicial sanctions, became operational.
Stocks of HHL and HGC closed mostly straight on Monday at S$ 0.56 and S$ 0.715 respectively.