Former KTL Global CEO sentenced to eight months for false trading

He remains under investigation for two other charges.

Authorities have sentenced the former CEO of KTL Global Limited, Tan Kheng Yeow, to eight months in prison for false trading.

In a joint statement, the Monetary Authority of Singapore (MAS) and the Singapore Police Force (SPF) said Tan conspired with Tang Boon Hai "to create a false appearance of active trading in KTL shares."

Tan and Tang committed false trading after failing to comply with the Singapore Exchange's minimum trading price (MTP) requirement, which states that an issuer’s volume-weighted average price (VWAP) over six months cannot fall below $0.20.

"The duo intended to induce genuine market participants to buy KTL shares, thereby increasing the share price," the authorities said

"Mr. Tan also held significant quantities of KTL shares and knew that his net worth would increase along with the share price. In furtherance of this conspiracy, Mr Tan arranged for funds to be transferred to Mr. Tang to finance trades in KTL shares placed by the latter in 14 trading accounts," they added.

Tan has pleaded guilty to a charge under Section 197(1)(a) of the Securities and Futures Act, in conjunction with Section 109 of the Penal Code.

He remains under investigation for two other charges, including cheating and dishonestly inducing delivery of property. Court proceedings for these charges are still underway.

Meanwhile, on 18 April 2023, Tan was convicted and sentenced. Court cases against another person involved in this matter are still ongoing.

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