SINGAPORE: Five men were charged on Tuesday (Jan 16) with intentionally failing to disclose to the Singapore Exchange (SGX) information that could affect the price or value of a company's securities.
The five accused Oh Gim Teck, 68; Go Twan Heng, 67; Ngiam Zee Moey, 61; Tham Poh Weng, 60 and Desmond Ong Tai Tiong, 48, are said to have committed the offence sometime between 2007 and 2010.
Court documents state that at the time of the alleged offence, the five suspects were officers of New Lakeside Holdings Limited, or NLHL. New Lakeside was renamed Zhongxin Fruit & Juice in March 2013.
Zhongxin Fruit & Juice is listed on the Catalist board.
The five are accused of failing to notify SGX that the Bank of China had taken legal action against NLHL subsidiary New Lakeside Fruit Juice for nearly RMB23 million (US$3.6 million).
This came after the bank had called upon a corporate guarantee, which the subsidiary had given in respect of banking facilities granted to a former NLHL subsidiary, Sanmensia Lakeside Fruit Juice.
A corporate guarantee is when a firm acts as a guarantor for a debtor.
The legal action represented information that was likely to affect the price or value of NLHL securities and should have been disclosed under SGX Catalist Listing rules.
All five were represented and will be back in court on Feb 27.
If found guilty, each of the accused could be fined up to S$250,000, jailed up to seven years, or both.