The former chief executive of public-listed GS Holdings is facing a criminal charge over allegations of share price manipulation involving the firm’s securities on the Singapore Exchange.
Share Price Manipulation Allegations Against Pang Pok
Pang Pok, 68, stepped down as CEO of the foodcourt and food centre operator in 2024. According to court documents, he is said to have conspired with two other men: Chong Fatt, 60, and Koh Kim Seng, 62.
Investigators claim the trio artificially inflated the value of the company’s securities by employing three trading accounts to submit orders and carry out transactions. AsiaOne reported that the alleged offenses took place between January 2022 and October 2023 on the Catalist board of the Singapore Exchange.
Court documents did not specify the exact roles that Chong and Koh held within GS Holdings.
Officials investigate deleted messages concerning trades
Beyond the securities charges, Pang and Chong face additional accusations of perverting the course of justice by deleting text messages relating to the trades. Police stated that the joint investigation was carried out by the Commercial Affairs Department and the Monetary Authority of Singapore following a referral from Singapore Exchange Regulation, as noted by AsiaOne.
GS Holdings changed its name earlier in 2026 to Octopus (APAC) Holdings. The rebranding represents the firm’s ambition to become a leading food and beverage distribution partner in the Asia-Pacific region, according to SGX filings.
Pang resigned as an executive director on June 1, 2024, as part of a board renewal while he focused on operational matters, before officially stepping down as CEO in December 2024.
Suspects appear in court without entering pleas
All three men appeared in court on Nov 4 and did not enter a plea. Their cases were adjourned to Dec 2 to allow them time to engage lawyers.
The court set Pang’s bail amount at $120,000. Chong’s bail was set at $40,000, and Koh’s bail was set at $30,000.
The trio each face one charge under the Securities and Futures Act for false trading and market rigging transactions. Individuals found guilty of false trading face penalties including up to seven years behind bars, financial penalties reaching $250,000, or a combination of both. Anyone found guilty of obstructing the course of justice faces up to seven years’ imprisonment, a monetary penalty, or both punishments.
Frequently Asked Questions About the GS Holdings Case
What board were the GS Holdings shares traded on?
The company’s shares were traded on the Catalist board of the Singapore Exchange.
When did the alleged trading offenses take place?
The trades occurred between January 2022 and October 2023 using three distinct trading accounts.
What are the maximum penalties for the charges?
Convictions for false trading carry penalties of up to seven years in prison, a fine of up to $250,000, or both. Perverting the course of justice carries up to seven years in prison, a fine, or both.
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