KOP’s shareholder convicted for false trading in the company’s shares
He was sentenced to four weeks of imprisonment.
Tay Ming Hin, a shareholder of Catalist-listed KOP was convicted of false trading in the company’s shares on 26 August.
Tay has been sentenced to four weeks of imprisonment after pleading guilty to one charge under section 197(1)(b) of the Securities and Futures Act for creating a misleading appearance of the price of KOP’s shares on 79 occasions.
Between 7 August 2018 and 21 August 2019, Tay maintained three margin trading accounts, with KOP shares making up the majority of the collateral pledged in these accounts.
Tay bought KOP shares to push up the price and avoid margin calls in his trading accounts as KOP's share price declined during this period. His purchases caused the closing price of KOP’s shares to be higher than it would otherwise have been on 79 occasions.
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