Between January 2022 and October 2023, Pang Pok allegedly conspired with Chong Fatt and Koh Kim Seng to artificially drive up the securities price of the company, which previously updated its name to Octopus (APAC) Holdings. Alongside the false trading accusations, Pang and Chong face charges for attempting to obstruct justice by deleting text messages related to the transactions. None of the three individuals entered a plea during their appearance in court on Nov 4. The court has granted bail to all defendants and adjourned the proceedings to Dec 2 so they can secure legal representation.
Key points
Penalties for convictions of false trading or perverting the course of justice can reach…: Penalties for convictions of false trading or perverting the course of justice can reach up to seven years in prison, fines, or both.
Bail amounts were established at $120,000 for Pang, $40,000 for Chong, and $30,000 for Ko…: Bail amounts were established at $120,000 for Pang, $40,000 for Chong, and $30,000 for Koh during the Nov 4 hearing.
Court proceedings have been officially adjourned until Dec 2 to give all three men time t…: Court proceedings have been officially adjourned until Dec 2 to give all three men time to engage legal counsel.
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- Former GS Holdings CEO Pang Pok, 68, is charged with false trading over claims he helped create a misleading share price for the Catalist-listed firm.
- He and two others, Chong Fatt and Koh Kim Seng, are accused of using three trading accounts to push up share prices between January 2022 and October 2023.
- Pang and Chong also face perverting the course of justice charges for deleting text messages; all three will return to court on Dec 2, with bail set and penalties up to seven years' jail.
AI generated
SINGAPORE – The former chief executive of public-listed GS Holdings, a firm behind several food courts and food centres in Singapore, is facing a charge over allegations of share price manipulation.
Pang Pok, 68, who stepped down as chief executive in 2024, is said to have conspired with two others - Chong Fatt, 60, and Koh Kim Seng, 62 - to create a misleading appearance of the price of GS Holdings, whose shares were traded on the Catalist board of the Singapore Exchange.
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