No Signboard’s board says no knowledge CEO was investigated for rigging share price
Janice Lim
THE board of restaurant operator No Signboard said it had no knowledge that its chief executive officer Lim Yong Sim was being charged with share price rigging offences under the Securities and Futures Act (SFA).
In a bourse filing on Thursday (Jul 27) night, it also said it was not notified by Lim that investigations into his activities were taking place, except for previous probes back in January 2019 when he had been arrested and released on bail over suspicions that he violated the SFA.
The Singapore Police Force said on Thursday that Lim had been charged with share price rigging offences under the SFA.
If convicted, he may be jailed for up to seven years or fined up to $250,000, or both.
The charges arose from a joint investigation by white-collar crime buster the Commercial Affairs Department, and the Monetary Authority of Singapore.
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.
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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.
No Signboard’s board said in the filing that investigating authorities had not approached the board or the company during the course of the investigation, nor revealed any details of the charges as well.
However, it received queries from the Singapore Exchange on Thursday through its sponsor, PrimePartners Corporate Finance.
The board’s nomination committee has contacted Lim for information relating to the charges. This is so that it is able to formulate its view and provide recommendation to the board on Lim’s suitability to remain as a board member and key management personnel of the company.
Trading in No Signboard shares has been suspended since January 2022.
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