Singapore MAS 2025 Q1 Enforcement Actions: 1) Individual (Mitsui & Co Subsidiary Regency Steel Asia Chairman) Gui Boon Sui Fined $254,000 for Using Non-Authorised Brokerage Trading Accounts & False Trading to Inflate Share Prices of 2 Singapore-Listed Companies Hiap Hoe Limited (HHL) & Hotel Grand Central Limited (HGC), 2) 4 Individuals & 1 Trading Representative Fined $328,000 for Abetting ex-Chairman of Previously Singapore-Listed Epicentre Holdings Kenneth Lim Tiong Hian in False Trading & Unauthorized Use of Trading Accounts, 3) 6-Year Ban on ex-PIAS Advisor Lim Kok Tiong Danny after His Singapore Court Conviction with 15 Weeks Jail Sentence for Forgery & Cheating in 2020
5th April 2025 | Hong Kong
Singapore MAS 2025 Q1 Enforcement Actions – 1) Singapore central bank Monetary Authority of Singapore (MAS) has fined an individual (Mitsui & Co Subsidiary Regency Steel Asia Chairman) Gui Boon Sui $254,000 (S$350,000) for using non-authorised brokerage trading accounts and engaging in false trading to inflate share prices of 2 Singapore-listed companies Hiap Hoe Limited (HHL) & Hotel Grand Central Limited (HGC). Gui Boon Sui admitted to contravening regulations, pay a civil penalty without court action and agreed not to be a company director or be involved in management of a company for 2 years. Regency Steel Asia (Mitsui & Co subsidiary) was formed in 2004 after acquiring Hong Leong Asia structural steel division. 2) The Monetary Authority of Singapore (MAS) has fined 4 individuals & 1 trading representative $328,000 (S$440,000) for abetting ex-Chairman of previously Singapore-listed Epicentre Holdings Kenneth Lim Tiong Hian in false trading & unauthorized use of trading accounts. Epicentre share price increased by +22.3% from $0.085 to $0.104 in 2019 following their trading activities. The 4 individuals are Aw Yong Leon Heng, Neo Say Hwee, Chang Bing Quan Daryl, Cheng Jia Hong, and the trading representative is Tan Keng Cheng. 3) The Monetary Authority of Singapore (MAS) has issued a 6-year ban on ex-PIAS (Professional Investment Advisory Services) advisor Lim Kok Tiong Danny after his Singapore court conviction with 15 weeks jail sentence for forgery & cheating in 2020, forging signatures of 4 clients & allowed 3rd-parties to transfer funds to & from his bank accounts. Singapore MAS (1/4/25): MAS can take a range of enforcement actions for breaches of the laws under its administration, including reprimands, composition penalties, prohibition orders, civil penalties and referring a case for criminal prosecution. In assessing the type of enforcement action to impose, MAS takes into account the need to deter similar misconduct as well as to safeguard the integrity of Singapore as a financial centre. The table below provides an overview of the key public enforcement actions taken by the Monetary Authority of Singapore (“MAS”) from January to March 2025:
“ Singapore MAS 2025 Q1 Enforcement Actions: 1) Individual (Mitsui & Co Subsidiary Regency Steel Asia Chairman) Gui Boon Sui Fined $254,000 for Using Non-Authorised Brokerage Trading Accounts & False Trading to Inflate Share Prices of 2 Singapore-Listed Companies Hiap Hoe Limited (HHL) & Hotel Grand Central Limited (HGC), 2) 4 Individuals & 1 Trading Representative Fined $328,000 for Abetting ex-Chairman of Previously Singapore-Listed Epicentre Holdings Kenneth Lim Tiong Hian in False Trading & Unauthorized Use of Trading Accounts, 3) 6-Year Ban on ex-PIAS Advisor Lim Kok Tiong Danny after His Singapore Court Conviction with 15 Weeks Jail Sentence for Forgery & Cheating in 2020 “
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13 January 2025
MAS has imposed a civil penalty of S$350,000 on Mr Gui Boon Sui @ Goi Chon Yan for falsely trading in the shares of Hiap Hoe Limited and Hotel Grand Central Limited, and trading using the accounts of other persons without the authorisation of the brokerage firms. The civil penalty action is the result of a joint investigation conducted by the Commercial Affairs Department of the Singapore Police Force and MAS, following a referral from the Singapore Exchange Regulation Private Limited.
26 February 2025
MAS has imposed civil penalties against four individuals, Mr Aw Yong Leon Heng, Mr Neo Say Hwee, Mr Chang Bing Quan Daryl, Mr Cheng Jia Hong, and a trading representative Mr Tan Keng Cheng, for abetting Mr Lim Tiong Hian in false trading and the related unauthorised use of trading accounts under the Securities and Futures Act. These enforcement actions are a result of a joint investigation conducted by MAS and the Commercial Affairs Department of the Singapore Police Force, following a referral from the Singapore Exchange Securities Trading Limited.
21 March 2025
Mr Lim Kok Tiong Danny, a former representative of Professional Investment Advisory Services Pte Ltd, was issued a 6-year prohibition order under the Financial Services and Markets Act 2022. This follows his conviction in the State Courts for forgery and cheating offences under the Penal Code.
Singapore MAS 2025 Q1 Enforcement Actions: 1) Individual (Mitsui & Co Subsidiary Regency Steel Asia Chairman) Gui Boon Sui Fined $254,000 for Using Non-Authorised Brokerage Trading Accounts & False Trading to Inflate Share Prices of 2 Singapore-Listed Companies Hiap Hoe Limited (HHL) & Hotel Grand Central Limited (HGC), 2) 4 Individuals & 1 Trading Representative Fined $328,000 for Abetting ex-Chairman of Previously Singapore-Listed Epicentre Holdings Kenneth Lim Tiong Hian in False Trading & Unauthorized Use of Trading Accounts, 3) 6-Year Ban on ex-PIAS Advisor Lim Kok Tiong Danny after His Singapore Court Conviction with 15 Weeks Jail Sentence for Forgery & Cheating in 2020
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