CEO of luxury car distributor charged over falsely trading company's shares

SINGAPORE: The chief executive officer of luxury car distributor Eurosports Global was charged on Tuesday (Aug 5) over the false trading of company shares.

Melvin Goh Kim San, who is also executive chairman of the company, allegedly conducted trades in Eurosports Global shares between May 2015 and November 2020, despite knowing that these trades "would likely create a false or misleading appearance of active trading", said the police. 

Eurosports Global is a company listed on the Singapore Exchange. 

The 68-year-old also allegedly instigated two other individuals, Kan Chee Gian and Leo Chun Kong, to procure three nominee trading accounts to conduct these trades, without the authorisation of the trading firms.

He is also accused of intentionally failing to give written notice to Eurosports Global of changes in his ownership of the company's shares arising from trades conducted in the three nominee trading accounts.

Goh, 68, faces five counts of false trading, six counts of engaging in deceptive practices and eight amalgamated counts of failing to disclose his interest in Eurosports Global shares. 

On Tuesday, he did not indicate a plea and was granted bail.

If convicted of false trading or engaging in deceptive practices, Goh could be jailed for up to seven years, fined up to S$250,000 (US$194,000), or both, for each charge.

He may also be jailed for up to two years, fined up to S$250,000, or both, for each charge of failing to disclose an interest in Eurosports Global shares, if convicted.

For each amalgamated charge for offences committed after Oct 31, 2018, an individual may face double the punishment if convicted.