Lim Yong Sim, the executive chairman and chief executive of restaurant operator No Signboard Holdings, was charged for price rigging offences under the Securities and Futures Act (SFA) on Thursday, the Singapore Police Force said. If convicted, he may be jailed for up to...
Lim Yong Sim, the executive chairman and chief executive of restaurant operator No Signboard Holdings, was charged for price rigging offences under the Securities and Futures Act on Thursday, the Singapore Police Force said.The charges arose from a joint investigation by white-collar crime busters, the Commercial Affairs Department and the Monetary Authority of Singapore.
Lim was charged with three counts of Section 197 of the SFA for creating a false appearance related to the price of Catalist-listed No Signboard shares. He had allegedly placed orders for No Signboard shares and traded in the shares using the trading account of Gugong Pte Ltd for the purpose of pushing up or supporting the stock’s prices between June 19 and 29, 2018, as well as between Nov 30, 2018, and Jan 11, 2019.
At the time, he was the director and the majority shareholder of Gugong, No Signboard’s controlling shareholder.
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