The Monetary Authority of Singapore (MAS) today issued a five-year prohibition order (PO) against Mr Chong Yew Mun Alan, a former representative of RHB Securities (Singapore) Pte. Ltd.
The order was issued following Mr Chong’s conviction in the State Courts for offences under the Securities and Futures Act (SFA) relating to false trading in the shares of Catalist-listed Koyo International Limited (Koyo). Mr Chong’s offences have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly.
Between 1 December 2015 and 15 January 2016, Mr Chong had participated and assisted Mr Lin Eng Jue in a scheme to create a false appearance regarding the price of Koyo shares by trading at progressively higher prices. The aim of the scheme was to attract a buyer to acquire the company via a reverse takeover.
