The sole director of market maker GTC Group (GTC), who was earlier found guilty of artificially rigging the market to inflate the share price of four companies including New Silkroutes Group (NSG)*, gave his testimony at the Singapore State Courts on Monday (9 February).
Convicted Huang Yiwen, sentenced to a jail term of 27 months and two weeks on August 2025, claimed he did not know Dr Goh Jin Hian, the former CEO of Singapore-listed NSG, was allegedly trading NSG shares on his own.
He shared GTC collected a three-month deposit of SGD 180,000 and charged SGD 60,000 a month for its market making services to NSG.
According to CNA, a meeting took place between former NSG chief corporate officer Kelvyn Oo Cheong Kwan, former NSG finance director William Teo Thiam Chuan, Dr Goh, and Huang in February 2018.
During the meeting, the NSG executives told Huang an unidentified shareholder was allegedly weakening the value of NSG shares and did not want it to be under “40 over” cents.
In late March 2018, the value of NSG shares decreased to over 30 cents, after GTC started providing its services to NSG. The effect caused Huang and Teo to allegedly conduct a series of transactions over a period in a bid to strengthen NSG’s share price.
The prosecution claimed Teo placed orders and conducted trades for NSG shares using its share buyback trading accounts on 13 days; Huang executed similar trades using the trading account of GTC Group on 30 days.
The prosecution also alleged Dr Goh bought 1,000 NSG shares at 25.5 cents and 100 NSG shares at 26 cents during September 2018.
Later in September 2023, Dr Goh, Oo, Teo, and Huang were each charged with 31 counts of Section 197(1)(b) of the SFA read with Section 109 of the Penal Code for engaging in a conspiracy to create a misleading appearance with respect to the price of NSG securities.
*NSG was previously involved in oil trading through International Energy Group (IEG) which trades mainly gas oil and fuel oil. In January 2021, stakeholders of IEG decided the firm can no longer continue business due to its liabilities and proceeded to summon a creditors’ meeting.
Related: Criminal trial of former CEO of Singapore-listed New Silkroutes Group begins
Related: Former CEO of Singapore-listed New Silkroutes Group amongst three others facing 31 charges at court
Related: New Silkroutes under investigation over possible breach of Securities and Futures Act
Related: Singapore: Gas oil, fuel oil trading firm IEG disposed for $10 million
Related: Singapore: International Energy Group to be wound up; calls for creditors meeting
Related: Singapore: Liquidator issues notice of intended dividend to IEG creditors
Photo credit: Manifold Times
Published: 10 February 2026
