MAS Issues Prohibition Order against Mr Tang Boon Hai

The Monetary Authority of Singapore (MAS) has issued a 10-year Prohibition Order (PO) against Mr Tang Boon Hai, a former general insurance agent under the Financial Services and Markets Act 2022 (FSMA).
The decision follows his conviction by state court for false trading, unauthorised trading, and dishonestly receiving stolen property

Background

In August 2014, Singapore exchange (SGX) introduced a minimum trading price (MTP) requirement for issuers listed on the Mainboard of the Singapore Exchange. The rule which came into effect in March 2015 required companies to maintain a six-month volume-weighted average price (VWAP) of at least $0.20 to avoid being delisted.

At that time, KTL Global Limited (KTL) did not meet the MTP threshold. To prevent potential delisting, then-Chief Executive Officer Mr Tan Kheng Yeow and Mr Tang conspired to create the false impression of active trading in KTL’s shares between 16 October 2014 and 8 September 2015.
Mr Tan arranged for funds to be transferred to Mr Tang to finance trades in KTL shares.

This conduct constituted a breach of section 197(1)(a) of the Securities and Futures Act (SFA), which prohibits any person from engaging in any course of conduct intended to create a false or misleading appearance of active trading in securities on a securities market.

False Trading Activities

Between 4 November 2014 to 8 September 2015, Mr Tang traded in KTL shares using 14 different trading accounts, though he was authorised to operate only one. The remaining accounts were held in the names of four other individuals.

Over those ten-month period, Mr Tang purchased about 122.76 million KTL shares and sold about 120.66 million KTL shares with total market volume of KTL shares during this period was about 221 million shares. His trades therefore accounted for more than half of all transactions, significantly influencing market activity and price movements.

These actions also amounted to a contravention of section 201(b) of the Securities and Futures Act (SFA), which prohibits engaging in any act, practice or course of business that operates as, or is likely to operate as, a fraud or deception upon any person in connection with securities transactions.

Dishonest Receipt of Stolen Property

On 20 May 2015, Mr Tang dishonestly received $999,980 in a trading account held by Infinity Global Consultancy Pte Ltd, where he was the sole director and shareholder. Although he had reason to believe the money was stolen, he used part of it to continue funding his trades in KTL shares.

This offence was committed under section 411(1) of the Penal Code, which states that whoever dishonestly receives or retains any stolen property, knowing or having reason to believe it to be stolen property, shall be punished with imprisonment of up to five years, or with fine, or both.

Conviction and Sentencing

Mr Tang pleaded guilty on 20 March 2023 to all charges, including false trading, unauthorised trading, and dishonestly receiving stolen property.
He was subsequently sentenced to 30 months imprisonment.

The trading offences were carried out with the involvement of others amounting to abetment under section 109 of the Penal Code, which provides for equal punishment for those who abet the commission of an offence.

MAS’ Decision

Following his conviction, MAS determined that Mr Tang was not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA.

MAS noted that Mr Tang’s misconduct was serious because he engaged in a conspiracy to create a false appearance of active trading in KTL shares and dishonestly received stolen property in furtherance of such false trading.

His trades accounted for over half of all KTL share transactions, significantly disrupting genuine market demand and supply for an extended period.

Details of the Prohibition Order

The Prohibition Order which took effect on 28 October 2025, restricts Mr Tang under section 7(2) of the Financial Services and Markets Act (FSMA) from:

1. carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS;
   b. taking part, directly or indirectly, in the management of or acting as a director, partner or manager, of any financial institution (FI);
   c. becoming a substantial shareholder of any FI that is a corporation; and
   d. if already a substantial shareholder of a FI that is a corporation, acquiring any interest in any voting share in the FI other than a voting share in which he already has an interest.