Home Capital Market Singapore Exchange Delisted & Liquidated Steel Trading Oriental Group Ex-CEO Lee Wan...

Singapore Exchange Delisted & Liquidated Steel Trading Oriental Group Ex-CEO Lee Wan Sing Jailed 9 Years for Share Price Manipulation with 2 Investor Relations Manager & 2 Shareholders from 2015 to 2016, Controlled More than 50 Trading Accounts to Trade Oriental Group Shares Accounting for 80% of Market Volume for the Share, Increased Price by More than 300%, Misappropriated S$500,000 to Fund the Trades, Cheated 3 Financial Institutions of Securities Loans Causing S$380,000 Losses, Cheated Oriental Group into Making S$650,000 Payments

Nov 10, 2023

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Singapore Exchange Delisted & Liquidated Steel Trading Oriental Group Ex-CEO Lee Wan Sing Jailed 9 Years for Share Price Manipulation with 2 Investor Relations Manager & 2 Shareholders from 2015 to 2016, Controlled More than 50 Trading Accounts to Trade Oriental Group Shares Accounting for 80% of Market Volume for the Share, Increased Price by More than 300%, Misappropriated S$500,000 to Fund the Trades, Cheated 3 Financial Institutions of Securities Loans Causing S$380,000 Losses, Cheated Oriental Group into Making S$650,000 Payments

10th November 2023 | Hong Kong

Singapore Exchange (SGX, Catalist) delisted & liquidated steel trading Oriental Group ex-CEO Lee Wan Sing had been jailed 9 years for share price manipulation with 2 investor relations manager & 2 shareholders from 2015 to 2016. The Oriental Group ex-CEO Lee Wan Sing had controlled more than 50 trading accounts to trade Oriental Group shares, accounting for 80% of market volume for the share, and increased share price by more than 300%. He had also misappropriated S$500,000 from Oriental Group to fund the trades, cheated 3 financial institutions of securities loans causing S$380,000 in losses, cheated further oriental group into making S$650,000 payments. Lee Wan Sing, who had pleaded guilty, was charged with 64 counts under the Securities and Futures Act (Chapter 289) and the Penal Code (Chapter 224). The legal proceedings are ongoing for Lee Ong, Chong Yong Von & Tan Seow Juay, and no proceeding against Chan Geok Leng (Deceased 2021). Some account holders (of the 50 trading accounts) had also been charged, with some fined between S$19,000 to S$54,000.

“ Singapore Exchange Delisted & Liquidated Steel Trading Oriental Group Ex-CEO Lee Wan Sing Jailed 9 Years for Share Price Manipulation with 2 Investor Relations Manager & 2 Shareholders from 2015 to 2016, Controlled More than 50 Trading Accounts to Trade Oriental Group Shares Accounting for 80% of Market Volume for the Share, Increased Price by More than 300%, Misappropriated S$500,000 to Fund the Trades, Cheated 3 Financial Institutions of Securities Loans Causing S$380,000 Losses, Cheated Oriental Group into Making S$650,000 Payments “

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