Both men face 31 charges each of conspiring to create a misleading appearance of NSG’s share price. Dr. Goh, 57, also faces eight additional charges for doing things with the purpose of creating such a misleading appearance. The prosecution alleges that between February 26, 2018, and August 27, 2018, the defendants conspired with former finance director William Teo Thiam Chuan and market maker Huang Yiwen to place orders and execute trades that artificially pushed up the share price.
According to the prosecution, the alleged scheme was driven by NSG’s reliance on its share price as currency for corporate deals and acquisitions. The state intends to prove its case using evidence that includes WhatsApp chat messages in which the men discussed plans to elevate the share price. Deputy Public Prosecutors Suhas Malhotra, Hidayat Amir, and Sarah Thaker outlined the case, describing the alleged manipulation as a “sophisticated, well-coordinated and effective” scheme.
The trial follows the sentencing of two co-accused individuals. Huang Yiwen, sole director of GTC Group, a commercial market maker engaged by NSG, was sentenced to two years, three months, and two weeks in prison in August 2025 after pleading guilty to 24 charges. Former finance director Teo was sentenced to 12 weeks in prison in September 2024 for manipulating the firm’s share prices.
Investigative records presented to the court indicate that the Commercial Affairs Department (CAD) launched its inquiry into NSG in 2020 while investigating Huang for a separate matter. A referral from the Singapore Exchange triggered the initial review, during which CAD officers discovered chat messages between Huang and Teo. Subsequent raids on Teo’s residence and the review of his mobile phone revealed communications with Dr. Goh and Oo that suggested their knowledge of the false trading activities.
NSG, a Singapore-incorporated company listed on the SGX mainboard since 2002, had previously distributed electronic and IT products before pivoting to the oil trading business. Dr. Goh served as CEO from 2015 to 2020. The alleged offences involve specific trading activities conducted across multiple accounts: Huang is accused of placing orders in the GTC Group trading account on 30 days, Teo on 13 days using NSG’s buyback accounts, and Dr. Goh on five days using his personal account.
All four individuals were charged in September 2023 with a total of 132 counts related to false trading offences under the Securities and Futures Act. By claiming trial, Dr. Goh and Oo have entered the full trial phase, where the prosecution must prove the charges beyond reasonable doubt. The court has not yet indicated a finalized timeline for the completion of the trial or the date of the verdict.
