No Signboard's board unaware of investigations on CEO's suspected price rigging
If convicted, Lim Yong Sim may face a $250,000 fine or 7-year imprisonment.
No Signboard's board of directors (NSB) said they had "no knowledge" of the ongoing investigations on the suspected price rigging of the company’s Executive Chairman and CEO, Lim Yong Sim.
In a bourse filing, the board said authorities did not approach them, nor the company, “in the course of the investigation” related to the price rigging charges against Lim.
Authorities have also not revealed any details on the charges to the board or the company.
The board said Lim has been contacted for information relating to his charges.
On 27 July, the Singapore Police Force (SPF) charged Lim for price rigging offences under the Securities and Futures Act (SFA) following the joint investigation of its Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS).
“Lim had allegedly placed orders for NSB shares and trades in NSB shares were executed in the trading account of Gugong Pte Ltd (Gugong), for the purpose of pushing up and/or supporting the price of NSB shares in two time periods, namely (i) between 19 and 29 June 2018 and (ii) between 30 November 2018 and 11 January 2019. At the material time, he was the director and the majority shareholder of Gugong. Gugong was in turn the majority shareholder of NSB,” the authorities reported.
“On 31 January 2019, Lim allegedly placed orders for NSB shares and trades in NSB’s corporate trading account were executed to push up and/or support the price of NSB shares.” the authorities added.