Eurosports Global CEO Fined S$210,000 for False Share Trading

Goh Kim San, the 69 year old CEO of luxury car distributor Eurosports Global, was fined S$210,000 on September 9 for three counts of false trading. Goh pleaded guilty to charges under the Securities and Futures Act, with another 16 charges taken into consideration. The court heard that between 2014 and 2021, Goh used his own trading accounts and those of three nominees, including friends and a former sales manager, to place buy and sell orders on 42 occasions across 22 trading days. These actions were intended to create a false appearance of active trading in the company's shares on the Singapore Exchange's Catalist board.

Prosecutors stated that Goh was motivated by self interest and a desire to avoid a flat line of inactivity on the share counter. They argued that the securities market is not a playground and sought a fine of S$250,000. In contrast, defense lawyers from WongPartnership sought a fine of S$180,000, noting that Goh had no prior criminal record and that the trades caused minimal price movement with no evidence of investor loss. They described Goh's motivation as vanity rather than deception, explaining that he viewed the lack of trading activity as a symbol of death.

The defense also highlighted the emotional and psychological toll the four year investigation had on Goh, as well as the negative impact of publicity on the company's relationships with investors. Goh paid the full fine to avoid a potential 21 month jail sentence.