The Monetary Authority of Singapore (MAS), in a joint statement with the Commercial Affairs Department of the Singapore Police Force, imposed a civil penalty of SGD 350,000 on Gui Boon Sui for false trading in Hiap Hoe Limited and Hotel Grand Central Limited shares and for trading through other persons’ accounts without the brokerage firms’ authorisation. Between December 2018 and August 2022, Gui bought shares to artificially inflate closing prices, including through the trading accounts of two employees. The conduct artificially inflated the shares’ closing prices on 554 days for Hiap Hoe Limited and 56 days for Hotel Grand Central Limited. Gui admitted contraventions of sections 197(1)(b) and 201(b) of the Securities and Futures Act, agreed to pay the penalty without court action, and gave an undertaking not to serve as a company director or be involved in company management for two years. The action followed a joint investigation by MAS and the Commercial Affairs Department after a referral from Singapore Exchange Regulation Private Limited.
Monetary Authority of Singapore 2025-01-13
Monetary Authority of Singapore imposes SGD 350,000 civil penalty on Gui Boon Sui for false trading and unauthorised trading
The Monetary Authority of Singapore and the Commercial Affairs Department imposed a SGD 350,000 civil penalty on Gui Boon Sui for false trading in Hiap Hoe Limited and Hotel Grand Central Limited shares. Gui admitted to inflating share prices over several years and agreed to the penalty and a two-year ban from company management. The enforcement action followed a joint investigation initiated by a referral from Singapore Exchange Regulation Private Limited.