SINGAPORE (The Straits Times/ANN): Indonesian tycoon and former chief executive of offshore and marine company KS Energy Kris Taenar Wiluan was fined S$480,000 after pleading guilty on Wednesday (May 19) to three charges of market rigging. "Prosecution is seeking a high fine for the purposes of general deterrence and to reflect his culpability as mastermind of the market rigging operation," DPP Yong said. He was also a first time offender and did not have a profit motive for his market rigging offences. “A stern warning, in lieu of prosecution, has been administered against Ho for intentionally aiding the accused with the market rigging, ” the police said. Senior Counsel Jimmy Yim of Drew & Napier, who represents Wiluan, said it was not fair to classify him as the “mastermind” of the market rigging operation.

Source: The Star May 19, 2021 10:02 UTC