RESTAURANT operator No Signboard’s executive chairman and chief executive Lim Yong Sim has clarified that the new charges brought against him for price rigging offences on Jul 27 were related to previous probes in January 2019.

He was not asked to assist in other investigations or interviews with the Commercial Affairs Department, said the company in a bourse filing on Monday (Jul 31).

These previous investigations had resulted in his arrest and release on bail over suspicions that he violated the Securities and Futures Act (SFA) and concerned an abortive share buy-back transaction on Jan 31, 2019. Lim said he was not provided with any information during these investigations to believe otherwise.

The police said on Jul 27 that Lim had been charged over share price rigging offences under the SFA.

If convicted, he may be jailed for up to seven years or fined up to S$250,000, or both.

The fresh charges arose from a joint investigation by the Commercial Affairs Department and the Monetary Authority of Singapore.

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Lim – the grandson of the founder of No Signboard – was charged with three counts under Section 197(1)(b) of the SFA for creating a false appearance related to the price of Catalist-listed No Signboard shares.

He had allegedly placed orders for No Signboard shares and traded them under the trading account of Gugong for the purpose of pushing up or supporting the stock’s price, between Jun 19 and Jun 29, 2018, as well as between Nov 30, 2018, and Jan 11, 2019.

In a bourse filing on Jul 28, No Signboard’s board said investigating authorities had not approached the board or the company during the course of the investigation, nor revealed any details of the charges.

However, the company received queries from the Singapore Exchange on Jul 27 through its sponsor, PrimePartners Corporate Finance.

The board’s nomination committee is formulating its view on Lim’s suitability to remain as a board member and key management of No Signboard. It will post an update and respond to the queries by Aug 2.

Trading in No Signboard shares has been suspended since January 2022.