Singapore MAS Issues 10-Year Ban on ex-General Insurance Agent Tang Boon Hai after Singapore Court Sentence of 30 Months Jail for False Trading, Used 13 3rd-Party Trading Accounts without Authorization from Brokerages & Received S$1 Million of Stolen Funds in Trading Account Owned by Infinity Global Consultancy, Conspired Between 2014 & 2015 to Induce Investors to Buy KTL Shares & Push Up KTL Share Price
29th October | Hong Kong
The Monetary Authority of Singapore (MAS) has issued a 10-year ban on ex-general insurance agent Tang Boon Hai after Singapore court sentence of 30 months jail for false trading. In 2023 April, a Singapore court sentenced Tang Boon Hai to 30 months jail for false trading, using 13 3rd-Party trading accounts without authorization from brokerages and receiving nearly S$1 million (S$999,980) of stolen funds in trading account owned by Infinity Global Consultancy. Tan Kheng Yeow & Tang Boon Hai conspired between 2014 & 2015 to induce investors to buy KTL shares & push up KTL share price. Tan Kheng Yeow KTL share value increased, and arranged financing for KTL shares to fund more trades in 14 accounts of Tang Boon Hai who was sentenced to 30-month jail in 2023. In 2024 August, a Singapore court sentenced ex-KTL Global CEO & Executive Director Tan Kheng Yeow to jail for 8 months for false trading to create appearance of active trading of KTL shares, with KTL being unable to meet Singapore Exchange (SGX) new minimum trading price requirement of S$0.20 over 6 months period implemented in 2015 March. See below for more info:
“ Singapore MAS Issues 10-Year Ban on ex-General Insurance Agent Tang Boon Hai after Singapore Court Sentence of 30 Months Jail for False Trading, Used 13 3rd-Party Trading Accounts without Authorization from Brokerages & Received S$1 Million of Stolen Funds in Trading Account Owned by Infinity Global Consultancy, Conspired Between 2014 & 2015 to Induce Investors to Buy KTL Shares & Push Up KTL Share Price “
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Announcement (28/10/25): “The Monetary Authority of Singapore (MAS) has issued a 10-year prohibition order (PO) under the Financial Services and Markets Act 2022 (FSMA) against Mr Tang Boon Hai.[1] This follows his conviction in the State Courts for committing false trading, unauthorised trading, and dishonestly receiving stolen property.[2]
- 2 On 1 August 2014, SGX announced a minimum trading price (MTP) requirement for issuers listed on the Mainboard of the Singapore Exchange. Under this requirement, which was implemented in March 2015, an issuer’s volume weighted average price (VWAP) over a 6-month period cannot fall below $0.20. At the time, an issuer that failed to comply with the MTP requirement would eventually be delisted.[3]
- 3 On 1 August 2014, the 6-month VWAP of KTL Global Limited’s (KTL) shares was below the MTP requirement. Amid concerns of the company’s inability to meet SGX’s MTP requirement, then-Chief Executive Officer of KTL, Mr Tan Kheng Yeow conspired with Mr Tang to create a false or misleading appearance of active trading in KTL shares between 16 October 2014 and 8 September 2015. [4] By doing so, the duo intended to induce genuine market participants to buy KTL shares, thereby increasing KTL’s share price. Mr Tan thus arranged for funds to be transferred to Mr Tang to finance trades in KTL shares.
- 4 From 4 November 2014 to 8 September 2015, Mr Tang placed orders and traded in KTL shares through 14 trading accounts with the intention to create a false appearance of active trading in the market for KTL shares. Mr Tang was only authorised to operate one of these trading accounts; the remaining 13 trading accounts were registered under the names of four other persons.
- 5 Over the 10 month-period, Mr Tang purchased about 122.76 million KTL shares and sold about 120.66 million KTL shares. The total volume of KTL shares traded in the market during this period was about 221 million shares. Mr Tang’s trades thus accounted for more than half of the total volume of KTL shares traded in the market during this period.
- 6 On 20 May 2015, Mr Tang dishonestly received $999,980, in a trading account held by Infinity Global Consultancy Pte Ltd, where he was the sole director and shareholder. Mr Tang had reason to believe that this money was stolen property, but he used part of the sum to fund his false trading in KTL shares.
- 7 On 20 March 2023, Mr Tang pleaded guilty to false trading, unauthorised trading, and dishonestly receiving stolen property. He was subsequently sentenced to 30 months’ imprisonment.[5]
- 8 In view of his offences, MAS is satisfied that Mr Tang is not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA. In particular, MAS noted that Mr Tang’s misconduct was serious because he engaged in a conspiracy to create a false appearance of active trading in KTL shares and dishonestly received stolen property in furtherance of such false trading. His false trades also accounted for over half of the KTL shares traded in the market and significantly distorted the genuine forces of demand and supply of KTL’s shares for an extended period of time.
9 Under the PO, which took effect on 28 October 2025, Mr Tang is prohibited from:
- a. carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS;
- b. taking part, directly or indirectly, in the management of or acting as a director, partner or manager, of any financial institution (FI)[6] ;
- c. becoming a substantial shareholder of any FI that is a corporation; and
- d. if Mr Tang is already a substantial shareholder of a FI that is a corporation, acquiring any interest in any voting share in the FI other than a voting share in which he already has an interest.
Additional Information
(A) Financial Services and Markets Act (FSMA)
The FSMA is an omnibus Act for the sector-wide regulation of financial services and markets, which, among other things, introduced and implemented MAS’ harmonised and expanded power to issue prohibition orders (PO)[7] .
(B) Sections 7(1) and 7(2) of the FSMA
Under section 7(1) of the FSMA, MAS may, by written notice, make a PO against any person, if MAS is satisfied that the person is not a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria to carry out any one or more of the acts mentioned in section 7(2) of the FSMA.
Under section 7(2) of the FSMA, it is stated that a PO made under section 7(1) FSMA may prohibit the person, whether permanently or for a specified period, from any one or more of the following:
- carrying on any activity or business, or providing any service, the carrying on or provision (as the case may be) of which is regulated or authorised by the MAS;
- performing any relevant function;
- taking part, directly or indirectly, in the management of, or acting as a director, partner or manager of, any financial institution;
- becoming a substantial shareholder of any financial institution that is a corporation;
- where the person is a substantial shareholder of a financial institution that is a corporation, acquiring any interest in any voting share in the financial institution other than a voting share in which the person already has an interest.
(C) Section 197(1)(a) of the Securities and Futures Act (SFA) at the time of the offence
Under section 197(1)(a) of the SFA, no person shall do any thing, cause any thing to be done or engage in any course of conduct, if his purpose, or any of his purposes, for doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, is to create a false or misleading appearance of active trading in any securities on a securities market.
(D) Section 201(b) of the SFA at the time of the offences
Under section 201(b) of the SFA, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any securities engage in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person.
(E) Section 109 of the Penal Code (PC) at the time of the offence
Under section 109 of the PC, whoever abets any offence shall, if the act abetted is committed in consequence of the abetment, and no express provision is made by the PC for the punishment of such abetment, be punished with the punishment provided for the offence.
(F) Section 411(1) of the PC at the time of the offence
Under section 411(1) of the PC, whoever dishonestly receives or retains any stolen property, knowing or having reason to believe the property to be stolen property, shall be punished with imprisonment for a term which may extend to 5 years, or with fine, or with both.
[1] Mr Tang was a general insurance agent when he committed the offences.
[3] The MTP requirement was subsequently removed on 1 June 2020.
[6] As defined in section 2 of the FSMA.
- Singapore Court Sentenced ex-KTL Global CEO & Executive Director Tan Kheng Yeow to Jail for 8 Months for False Trading to Create Appearance of Active Trading of KTL Shares, KTL Unable to Meet Singapore Exchange (SGX) New Minimum Trading Price Requirement of S$0.20 Over 6 Months Period Implemented in 2015 March, Conspired with Tang Boon Hai Between 2014 & 2015 to Induce Investors to Buy KTL Shares & Push Up KTL Share Price, Tan Kheng Yeow KTL Share Value Increased & Arranged Financing for KTL Shares to Fund More Trades in 14 Accounts of Tang Boon Hai Who was Sentenced to 30-Month Jail in 2023
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Singapore | Leading financial centre in Asia - 29th August 2024 – A Singapore court has sentenced ex-KTL Global CEO & Executive Director Tan Kheng Yeow to jail for 8 months for false trading to create appearance of active trading of KTL shares, with KTL being unable to meet Singapore Exchange (SGX) new minimum trading price requirement of S$0.20 over 6 months period implemented in 2015 March. Tan Kheng Yeow conspired with Tang Boon Hai between 2014 & 2015 to induce investors to buy KTL shares & push up KTL share price. Tan Kheng Yeow KTL share value increased, and arranged financing for KTL shares to fund more trades in 14 accounts of Tang Boon Hai who was sentenced to 30-month jail in 2023. Singapore MAS (28/8/24): “Tan Kheng Yeow, the former Chief Executive Officer and Executive Director of KTL Global Limited (KTL) was sentenced to 8 months’ imprisonment by the State Courts on 23 January 2024 for engaging in a conspiracy with another individual, Mr Tang Boon Hai, to create a false appearance of active trading in KTL shares. Mr Tan has commenced serving his sentence, following the High Court’s dismissal of his appeal against sentence on 19 July 2024. On 1 August 2014, SGX announced a minimum trading price (MTP) requirement for issuers listed on the Mainboard of the Singapore Exchange. Under this requirement, which was implemented in March 2015, an issuer’s volume weighted average price (VWAP) over a 6-month period cannot fall below $0.20. An issuer that failed to comply with the MTP requirement may face delisting. The 6-month VWAP of KTL shares as of 1 August 2014 was below the minimum price required. Mr Tan admitted that amid concerns of KTL’s inability to meet the MTP requirement, he had, between 16 October 2014 and 8 September 2015, conspired with Mr Tang to create a false or misleading appearance of active trading in KTL shares. By doing so, the duo intended to induce genuine market participants to buy KTL shares, thereby increasing the share price. Mr Tan also held significant quantities of KTL shares and knew that his net worth would increase along with the share price. In furtherance of this conspiracy, Mr Tan arranged for funds to be transferred to Mr Tang, to finance trades in KTL shares placed by the latter in 14 trading accounts. Mr Tan pleaded guilty to one charge under Section 197(1)(a) of the Securities and Futures Act read with Section 109 of the Penal Code. He still faces two other charges of cheating and dishonestly inducing delivery of property, and court proceedings are ongoing. Mr Tang was convicted and sentenced on 18 April 2023. Court proceedings against one other individual charged in relation to this matter are ongoing. Mr Tan’s conviction was the result of a joint investigation conducted by the MAS and the SPF, following a referral by the Singapore Exchange Securities Trading Limited.
- Notes
- (A) Section 197(1)(a) of the Securities and Futures Act (SFA) at the time of the offences
- Under section 197(1)(a) of the SFA, no person shall do any thing, cause any thing to be done or engage in any course of conduct, if his purpose, or any of his purposes, for doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, is to create a false or misleading appearance of active trading in any securities on a securities market.
- (B) Section 109 of the Penal Code at the time of the offence
- Under section 109 of the PC, whoever abets any offence shall, if the act abetted is committed in consequence of the abetment, and no express provision is made by the PC for the punishment of such abetment, be punished with the punishment provided for the offence.
- (C) Section 204(1) of the SFA at the time of the offence
- Any person who contravenes any of the provisions of this Division shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both.
- [1] Mr Tan was charged on 29 October 2020. Please refer to the media release here for further information.
- [2] Mr Tang was convicted on 18 April 2023 and sentenced to 30 months’ imprisonment. Please refer to the media release here for more information.
- [3] Mr Tan Chun Yong was charged on 29 October 2020. Please refer to the media release here for further information.
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