SINGAPORE – Indonesian tycoon and chief executive of offshore and marine company KS Energy Kris Taenar Wiluan was slapped on Wednesday morning (Aug 5) with 112 charges in relation to violations of Section 197 of the Securities and Futures Act, which deals with false trading and market-rigging transactions.
Wiluan, also founder of Indonesia's Citramas Group, was accused of instructing his employee, Ho Chee Yen, to instruct a trading representative from CIMB Securities (Singapore) to execute trades in the shares of KS Energy through the trading account of Pacific One Energy, a company controlled by Wiluan, on various occasions between December 2014 and September 2016, to "push up" the share price of the mainboard-listed company.
For her alleged role, Ho, 56, faces 92 counts of violating the Securities and Futures Act.
If convicted, offenders can be jailed for up to seven years and fined a maximum of $250,000.
Wiluan, 71, who was ranked Indonesia's 40th richest man by Forbes in 2009 with a personal net worth of US$240 million, was also accused of instructing Ngin Kim Choo, a CIMB Securities trading representative servicing the trading account of Pacific One, to execute trades in KS Energy's shares, "with a purpose to push up" its prices, on several occasions between May and July 2016, and in June 2015.
Ho was accused of "abetting by intentionally aiding" Wiluan by relaying his instructions to Ngin and Yeo Jin Lui, another trader with CIMB Securities, to execute trades in KS Energy shares, between December 2014 and September 2016, through Pacific One's trading account "with a purpose to push up the price of the securities".
Represented by Senior Counsel Jimmy Yim and Mr Mahesh Rai of Drew & Napier, Wiluan is out on court bail of $250,000. Ho, who is represented by Mr Chia Kok Seng of KSCGP Juris, is out on court bail of $70,000. Both have also surrendered their passports.
In 2017, Wiluan and his son Richard James Wiluan were interviewed by the Commercial Affairs DepartmeRead More – Source