Three former key management executives of Raffles United Holdings Limited (RUHL), a company previously listed on the Mainboard of the Singapore Exchange, were charged today for false trading offences under the Securities and Futures Act (SFA).
The former Managing Director of RUHL was charged with three counts under Section 197(1)(b) of the SFA for allegedly engaging in a course of conduct for the purpose of creating a false appearance with respect to the price of RUHL shares. The charges allege that the purchases of RUHL shares made through the trading accounts of two other persons, were for the purpose of pushing up the price of RUHL shares between 29 June 2017 and 17 April 2018.
The former Chief Financial Officer (CFO) of RUHL was charged with three counts under Section 197(1)(b) of the SFA. Two of the charges pertain to her cross trades with the former Director of Business Development at RUHL to allegedly push up the price of RUHL shares. The third charge alleges that her purchases of RUHL shares between 14 and 22 December 2016 were conducted to push up the price of RUHL shares.
The former Director of Business Development at RUHL was charged with four counts under Section 197(1)(b) of the SFA. Two of the charges pertain to his cross trades with the former CFO of RUHL. The other two charges concern his purchases of RUHL shares on 30 December 2016 and 29 March 2018, made allegedly to push up the share price of RUHL.
If convicted, the trio face imprisonment of up to seven years, or a fine of up to $250,000, or both, on each count of the Section 197(1)(b) SFA charge.
SINGAPORE POLICE FORCE
23 July 2021 @ 12:20 PM