Indonesian tycoon and CEO of Singapore-listed KS Energy Kris Taenar Wiluan was charged by the Commercial Affairs Department (CAD) on Wednesday (August 5), in relation to the violation of Section 197 of the Securities and Futures Act (SFA). 

Section 197 of the SFA deals with the act of false trading and market rigging transactions.

Wiluan, who currently faces 112 charges, was questioned, along with his son Richard, by the CAD for possible market rigging in April 2017.

Wiluan was accused of pushing up the share price of KS Energy through his employee Ho Chee Yen.

The tycoon allegedly instructed Ho to ask Ngin Kim Choo and Yeo Jin Lui from CIMB Securities to execute trades in KS Energy shares through the trading account of Pacific One Energy on several occasions from December 2014 to September 2016.

Pacific One Energy is another company controlled by Wiluan.

For her role in the matter, Ho faces 92 counts of violating the SFA.

Wiluan himself was also accused of asking Ngin to trade in KS Energy’s shares with Pacific One Energy’s trading account to “push up” its prices in June 2015, and May and July 2016.

Wiluan, who has a personal net worth of US$240 million ($330 million), is out on court bail of $250,000. Ho is out on court bail of $70,000.

See: CAD questions KS Energy chairman Kris Wiluan and son Richard