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CNA
a minute ago
- CNA
Jail for director of commercial market maker in price and market rigging conspiracies
SINGAPORE: A man who was involved in four conspiracies to rig the market or price for share or unit counters listed on the Singapore Exchange (SGX) was sentenced on Friday (Aug 15) to jail for two years, three months and two weeks. Huang Yiwen, a 42-year-old Singaporean, had pleaded guilty last month to 24 charges under the Securities and Futures Act, with another 88 charges taken into consideration for sentencing. Of the four conspiracies he was involved in, one of them allegedly involves New Silkroutes Group's then-chief executive Goh Jin Hian, the son of former prime minister Goh Chok Tong. Through Huang's involvement, his company GTC Group earned S$3.48 million (US$2.72 million) in fees from the market-making services. Huang, also known as Leo, was the sole director, shareholder and operator of GTC Group and holds a Masters in Finance from the University of New York. The role of a market maker is to continuously provide both bid and ask quotes for a given security, helping to provide liquidity and reduce volatility in the security. In return, the market maker earns a profit from the bid-ask spread, which is the difference between the market maker's buying and selling price, and may also receive a commission from the issuer of the security. While SGX allows companies to engage market makers to provide liquidity in the market, a market maker is not allowed to do anything to create a false or misleading appearance of active trading. However, when the officers of three listed companies that engaged him asked him to rig the prices of their securities, he did so. Using his expertise, he created a false impression in the prices of the securities. Among other methods, he used the technique of "marking the close", by purchasing small amounts of shares at the close of each trading day, in order to push up the price and secure a favourable closing price for the day. To create a favourable impression of his performance as a market maker and in hopes of attracting genuine market participants to trade, Huang roped in two licensed representatives to cross-trade shares with him to create a false trading volume in five listed entities, without any genuine change in beneficial ownership. The prosecution said he was the mastermind of this conspiracy, giving directions to the two licensed representatives and promising them a profit for their involvement. The four conspiracies involve three schemes for three companies: New Silkroutes Group and Tee International Limited, both companies listed on the SGX, and AGV Group Limited, a company listed on the Catalist board of SGX. The fourth conspiracy is a cross-trade scheme involving two other two men approached by Huang: Tay Sze Chien, a 41-year-old trading representative with Philip Securities, and Tan Wei Liang, a 46-year-old trading representative with Maybank Kim Eng Securities. The prosecution had said that Huang abused his position as a commercial market maker and was motivated by the "significant personal gain he stood to make", as GTC earned more than S$3 million in fees from the companies over the entire period. His defence lawyers, Mr Michael Palmer and Ms Joyce Khoo from Quahe Woo & Palmer, asked for "one chance" for Huang in seeking 17 months' jail instead. The lawyers said this was a lapse of judgment on his part, and that Huang regrets his actions and did not gain any personal benefit from the offences. In fact, he had to borrow money to make up for the losses he suffered in using his own money to trade. They added Huang was the sole breadwinner for his family before the offences, but has been unemployed since investigations started in early 2020, resulting in financial difficulties for his family. He has four children. The judge allowed Huang to defer his jail term to December.
Independent Singapore
2 hours ago
- Independent Singapore
'Don't start a business—buy one': How Flippa helps Singaporeans become entrepreneurs
SINGAPORE: Plenty of Singaporeans want to be entrepreneurs. And that means launching their own company. But starting from zero means a lot of uncertainty before you even see a cent, on top of long hours and restless nights. But the easier route? Buying your own business. Despite the economic uncertainty of the last few years, the entrepreneurial dream is alive and well among Singaporeans. A 2019 study by NUS Enterprise found that a number of non-founder alumni had an interest in starting their own business. This year, a Mastercard study noted that 64% of Gen Z women in Singapore considered entrepreneurship. 2023 saw ACRA, the government agency responsible for business registration, report more than 70,000 new companies being formed. This was in contrast to 50,000 businesses closing down. Entrepreneurship in Singapore is skewed towards startups in sectors like technology, fintech, and biotech. In comparison, buying an existing business is much less common. But that could change with Flippa, an Australian mergers & acquisitions (M&A) company with its roots in Melbourne, that lets people buy and sell online businesses. And it's placed a wager on Singapore as its Asian entry point. 'We saw a huge gap in the market,' says Fiona Laidlaw, Flippa's APAC Lead. 'There was no platform offering investment banking-style mergers & acquisitions (M&A) services to everyday business owners or buyers. That's what Flippa is—investment banking for the 99%.' From side hustlers to serious investors Flippa is a marketplace for online businesses, dealing in assets like e-commerce stores, YouTube channels, content websites, online courses, and software as a service (SaaS) companies. And many are cash flow positive, generating six or even seven figures in annual revenue. And for people who want to be their own boss or build up a passive income? This means skipping years of trial and error without having to lose a case in the near term. 'Back then, small business owners didn't really have an exit path,' Laidlaw says, reflecting on Flippa's early days in 2009. 'Some would say they'd just retire and let the business die. That's a loss for everyone—clients lose their service, and founders leave value on the table. We want to change that.' Flippa claims that it has over 6,000 active buyers, ranging from individuals and family offices (FOs) to private equity (PE) funds. The platform typically deals in digital businesses priced ranging from $100,000 to $5 million. Some buyers count these as an investment. Others view it as a way to become their own boss without starting from zero. Flippa's focus on Southeast Asia comes at a telling moment. Laidlaw explains: 'We attended an event in Singapore and were shocked—many founders here didn't know they could sell their business. There was no real online M&A solution in this part of the world.' Since then, Singapore has become Flippa's APAC base as it zeroes in on the region. Flippa plans to deepen its footprint in Vietnam, Thailand, and India. Each market offers something unique. Vietnam? An e-commerce hub. Malaysia? Ideal for SaaS. Meanwhile, Singapore and Hong Kong remain financial powerhouses and buyer centres. The kind of businesses buyers want Laidlaw says the fastest-growing segments include YouTube channels, B2B SaaS companies, and what she calls 'autonomous content' businesses. These are ventures that don't depend on a founder's personal brand. 'We're working on a listing for an English course platform run by contract teachers. The owner isn't the face of the brand. That detachment increases valuation—buyers want assets they can take over easily,' she explains. She highlights how investors value businesses with recurring revenue, low churn, and strong intellectual property (IP). Why? All these qualities make them easier to run and expand. Micro PE & ease-of-use Beyond full business acquisitions, Flippa is also tapping into micro private equity (micro PE). This means acquiring smaller but profitable businesses in the $100K–$5M range. 'Why spend tens of millions on a company with high burn when you can buy something smaller, profitable, and ready to scale?' Laidlaw asks. Flippa has also launched Flippa Invest, a service that lets people buy partial shares in businesses. While not fully rolled out globally due to licensing rules, it's a small step in making digital M&A more accessible. The platform's approach also combines tech with human expertise. It's AI-powered buyer matching, which works like TikTok or Instagram's recommendation algorithm, surfaces relevant businesses for buyers based on their interests. It also offers Flippa Pay, a secure payment service that supports currencies like the Singapore dollar. In addition, it partners with local law firms to handle the legal side of deals. For Laidlaw, it's all about lowering barriers for new investors and sellers. 'We want smooth transactions,' she says. 'Our role is to guide both sides, making the process as stress-free as possible.' Why this matters for Singaporeans Singaporeans aren't strangers to side hustles. Many focus on building something new, but buying an existing business means getting straight to profitability. And for those looking to move on to new projects from their online hustle? Whether it's a niche blog, Shopify store, or digital course, Flippa's platform offers them a way to sell their business, an exit strategy some might never have considered. 'Many Singaporean founders don't realise they can sell,' Laidlaw says. 'That's changing, and we're seeing strong repeat activity from sellers here.' In the local scene, Flippa's growing its deal flow by working with the likes of Google AdSense, Amazon Global, and Crib to spread the word. Other players it's tied up with include local accelerators, VC funds, and founder networks in the startup space. With entrepreneurship often glamorised — but with high personal and financial stakes attached — Flippa opens another door. It lets Singaporeans own, grow, or sell a business with a lot less guesswork. As Laidlaw sums it up: 'For Singaporeans, this is the perfect time. There's demand, there's liquidity, and there are opportunities waiting. You don't need to reinvent the wheel. Just buy it, and grow it.'
CNA
3 hours ago
- CNA
Property tycoon Ong Beng Seng fined S$30,000 for abetting ex-minister S Iswaran in obstruction of justice
SINGAPORE: Property tycoon Ong Beng Seng was fined S$30,000 (US$23,400) on Friday (Aug 15) for abetting former Transport Minister S Iswaran in the obstruction of justice. The 79-year-old Malaysian businessman, credited with bringing Formula 1 night racing to Singapore, had pleaded guilty last week. He admitted to arranging to bill Mr Iswaran belatedly for a sum of S$5,700 to Singapore GP for a business class flight ticket from Doha to Singapore. This payment was made months after the flight and only after the Corrupt Practices Investigation Bureau (CPIB) discovered Mr Iswaran's name on the manifest for an outbound flight to Doha when investigating a separate case. A second charge for instigating Mr Iswaran to obtain flights and a hotel stay from him, when Ong had business dealings linked with Mr Iswaran's official functions, was considered in sentencing. Ong had asked Mr Iswaran to join him on a trip to Qatar on his private jet as a guest, with all expenses taken care of. Mr Iswaran accepted and applied for urgent personal leave to go. He went to Doha, Qatar's capital, in Ong's private jet in December 2022 and checked into the Four Seasons Hotel for one night before flying back to Singapore on a business class ticket that cost S$5,700. Singapore GP - which Ong was the majority shareholder of - paid for the hotel stay and return flight to Singapore. When Ong learnt in May 2023 that CPIB had seized the flight manifest containing details of the Doha trip and questioned his associates about it, he told Mr Iswaran about it over a phone call. Mr Iswaran then asked Ong to have Singapore GP bill him for the expenses related to the Doha trip, including his return flight. Ong agreed and asked a director of Singapore GP to arrange this. Mr Iswaran then issued a cheque for S$5,700 to Singapore GP. JUDICIAL MERCY At the previous hearing, Ong's defence team, led by Senior Counsel Cavinder Bull from Drew & Napier, had called for judicial mercy to be exercised in this case on account of Ong's multiple, severe medical conditions. Judicial mercy refers to the discretionary power that Singapore's courts have to impose a sentence that is more lenient than what the circumstances of an offence would otherwise warrant. This is in recognition of exceptional mitigating circumstances, which in previous cases involved dire medical conditions or where jail would pose a significant risk to the offender's life. Mr Bull said Ong had a rare form of blood cancer known as advanced multiple myeloma, which has destroyed parts of bone in his spine. His condition and treatment have compromised his immune system, making him vulnerable to life-threatening infections. The cancer has also damaged his skeletal system and affected his balance, making him very susceptible to life-threatening falls, said Mr Bull. He argued for a "stiff" fine without specifying a figure, saying prison would expose Ong to potential infections that could kill him. The prosecution, led by Deputy Chief Prosecutor Christopher Ong, who is also senior counsel, said there was a basis for the court to exercise judicial mercy given Ong's medical conditions. They sought the maximum fine instead. There is no maximum fine specified in Ong's charge sheet for the specific offence of abetting obstruction of justice, but the State Courts can impose a fine of up to S$30,000. Had it not been for Ong's serious medical conditions, the prosecution said eight weeks' jail would have been appropriate for Ong. Mr Iswaran had been given four months' jail in October for the corresponding obstructing justice charge. His total sentence was 12 months for a total of five charges, with another 30 charges taken into consideration. He has since been released on remission after completing home detention.
