SINGAPORE – The chief executive of sports car distributor EuroSports Global was on Aug 5 charged with five counts of false trading.

Singaporean Goh Kim San, 68, who is also the executive chairman of the company listed on the Singapore Exchange’s Catalist board, was also handed 14 more charges under the Securities and Futures Act.

In a statement, the police said that he is accused of six counts of engaging in deceptive practices and eight counts of failing to disclose interest in EuroSports’ shares.

Between May 2015 and November 2020, Goh allegedly conducted trades in EuroSports shares, knowing that these trades would likely create a false or misleading appearance of active trading in the company’s shares. 

He is also accused of instigating two other individuals to procure three nominee trading accounts to conduct these allegedly manipulative trades in EuroSports shares, without the trading firms’ authorisation.

A police spokesperson said: “(Goh is said to have) intentionally failed to give written notice to EuroSports of changes in his ownership of (its) shares arising from trades conducted in the three nominee trading accounts.”

His case will be mentioned again in court on Aug 7.

If convicted of false trading and engaging in deceptive practices, he can be jailed for up to seven years, fined up to $250,000 or both for each charge.

If convicted of failing to disclose interest in EuroSports’ shares, he can be jailed for up to two years, fined up to $250,000 or both for each charge.

More on this topic