SINGAPORE: The former CEO and chairman of mainboard-listed KS Energy was on Wednesday (May 19) convicted of market rigging offences and ordered to pay a fine of S$480,000, the Singapore Police Force (SPF) said in a news release on Wednesday.
Kris Wiluan, 72, rigged the market 112 times between Dec 19, 2014 and Sep 13, 2016 by giving instructions to push up or maintain the share price of KS Energy.
On certain trading days, Wiluan, who is an Indonesian citizen and Singapore permanent resident, gave instructions to trading representatives in CIMB Securities (Singapore) to purchase KS Energy shares for the purpose of pushing up the company's share price.
His trade instructions were given either personally or through the manager, a 56-year-old woman, of his family office.
"To achieve his target price, buy orders in the last 15 minutes of trading and during the closing routine were placed to set the closing price of KS Energy shares in a practice commonly known as 'marking the close'," said SPF.
Buy orders were also placed at several bids above the last done price, instead of at the most competitive prices and at the minimum trading size, in order to increase KS Energy's share price at the lowest possible cost, the police added.
Wiluan pleaded guilty on Wednesday to three charges under the Securities and Futures Act, while three more charges were taken into consideration for the purpose of sentencing.
He initially faced 112 charges, but these were subsequently amended to six amalgamated charges covering the same 112 trading days, the SPF said.
Wiluan could have been jailed for up to seven years and/or fined up to S$250,000 per charge.
A stern warning, in lieu of prosecution, was administered against Wiluan's family office manager for intentionally aiding him with the market rigging, said SPF.