The Monetary Authority of Singapore (MAS) has imposed a civil penalty of S$350,000 on Mr Gui Boon Sui @ Goi Chon Yan (Mr Gui) for falsely trading in the shares of Hiap Hoe Limited (HHL) and Hotel Grand Central Limited (HGC), and trading using the accounts of other persons without the authorisation of the brokerage firms.
Between December 2018 and August 2022, Mr Gui purchased shares in HHL and HGC for the purpose of artificially inflating the shares’ closing prices. In addition to carrying out such trades in his own trading accounts, Mr Gui used trading accounts belonging to two of his employees to conduct unauthorised purchases of HHL and HGC shares for the same purpose.
Mr Gui artificially inflated the closing prices of HHL and HGC shares on 554 days and 56 days respectively in the said period.
Mr Gui has admitted to contravening section 197(1)(b) and section 201(b) of the Securities and Futures Act and will pay MAS the civil penalty without court action. Mr Gui has also given an undertaking not to be a company director or be involved in the management of a company for a period of two years.
The civil penalty action is the result of a joint investigation conducted by the Commercial Affairs Department of the Singapore Police Force and MAS, following a referral from the Singapore Exchange Regulation Private Limited.
