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Former Chief Executive Officer and Executive Director of KTL Global Limited (“KTLG”), Tan Kheng Yeow (“Tan”), was convicted on 14 November 2025 of criminal breach of trust under Section 406 of the Penal Code (Cap. 224, 2008 Rev Ed) (“PC”). He was sentenced to two years and eight months’ of imprisonment. 

This follows Tan’s earlier conviction on 23 January 2024 for one count of false trading under Section 197(1)(a) of the Securities and Futures Act (Cap. 289) read with section 109 of the PC in a related matter¹. Tan was sentenced to eight months’ imprisonment, following the High Court’s dismissal of his appeal against sentence on 19 July 2024.

KTLG, a company listed on the Mainboard of the Singapore Exchange, is a holding company which owned multiple subsidiaries. One of these subsidiaries was KTL Offshore Pte Ltd (“KTLO”), for which Tan was a director of and was entrusted with dominion over the monies in KTLO’s bank accounts at all material times. 

On or around 23 April 2015, Tan  informed KTLO that a transfer of S$1,001,000 from KTLO to KTL Offshore Hong Kong Limited (“KTL HK”)² was required. The transfer was purportedly to allow KTL HK to purchase machinery on behalf of KTL Offshore Technology (Nantong) Co. Ltd, a joint venture company where KTLG owned 40% stake.

Unbeknownst to KTLO, Tan intended for the monies to be diverted to share trading, in particular to finance KTLG trades. This was done by using various trading accounts to artificially create a false appearance of active trading in KTLG’s shares (“the Share Trading Scheme”). 

On or around 5 May 2015, Tan instructed for the sum of $1,001,000 to be transferred from KTLO to KTL HK. Subsequently, $999,980 was transferred to finance the Share Trading Scheme on 20 May 2015.

Tan initially claimed trial but pleaded guilty to one count of criminal breach of trust midway through the trial proceedings.  He was convicted by the State Courts on 20 June 2025. A similar charge involving $500,000 was taken into consideration for the purposes of sentencing. 

¹ Please refer to press release by the Monetary Authority of Singapore dated 28 August 2024 for more information.

² KTL HK was 40%-owned by KTL Offshore Technology (Nantong) Co. Ltd