Continue reading this on our app for a better experience

Open in App
Floating Button
Home News Regulatory Action

Individual convicted for false trading in shares of real estate company KOP

Nicole Lim
Nicole Lim • 2 min read
Individual convicted for false trading in shares of real estate company KOP
Tay Ming Hin bought KOP’s shares for the purpose of pushing up share price, causing it to close higher on 79 occasions. Photo: Bloomberg
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

A shareholder was sentenced to jail for four weeks for the false trading in the shares of Catalist-listed KOP 5I1

Limited under the Securities and Futures Act (SFA).  

Tay Ming Hin pleaded guilty to one charge under section 197(1)(b) of the SFA for creating a misleading appearance with respect to the price of KOP’s shares on 79 occasions. 

Tay maintained three margin trading accounts between Aug 7, 2018 and Aug 21, 2019, in which the shares of KOP made up the bulk of the collateral pledged by Tay in these accounts. 

As KOP’s share price was generally on a downward trend during this period, Tay bought KOP’s shares for the purpose of pushing up the share price in order to avoid margin calls being triggered in his margin trading accounts, according to the MAS. 

His purchases caused the closing price of KOP’s shares to be higher than it would otherwise have been on 79 occasions, the report reads. 

Tay’s investigation was conducted following a referral from the Singapore Exchange S68

Securities Trading, and carried out by the MAS and commercial affairs department of the Singapore Police Force. 

See also: Oon Yun Cong sentenced to imprisonment and fine for fraudulently inducing others to trade under SFA

KOP Limited is a Singaporean holding company with business interests in real estate development, hospitality and entertainment. Tay is listed as the 17th largest shareholder in KOP’s annual report for the FY2024 ended March 31. As at March 31, Tay owns a 0.44% stake in KOP amounting to 4.88 million shares.

As at 4.58pm, shares in KOP Limited are trading flat at 3.1 cents.

×
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.