SINGAPORE: The chief executive officer of No Signboard Holdings has been suspended from all executive duties after being charged with price rigging offences, said the restaurant opera
Sam Lim Yong Sim, who is also the executive chairman of the company, was charged on Jul 27 withThe 46-year-old is accused of placing orders for No Signboard Holdings shares, and trades in the shares were executed through the account of Gugong – the majority shareholder of No Signboard Holdings – to push up or support the prices.
"In arriving at this decision, the board took into account the NC's recommendations and views, including the seriousness and nature of the charges and the negative impact the charges may reasonably be expected to have on minority shareholders' confidence in the company." "The immediate focus of Mr Lim Teck-Ean and the board will be to obtain the SGX-ST's approval for the resumption of trading of the company's shares," said the company.
Shares have been suspended from trading since Jan 24, 2022, said a company announcement to the Singapore Exchange on Jul 25.on"reasonable suspicion" that sections of the Securities and Futures Act on false trading, market-rigging transactions and insider trading"may have been breached", the Catalist-listed company said in a filing to SGX in 2019.
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