CEO of Lamborghini distributor in Singapore fined $166K for false trading
The CEO of luxury car distributor EuroSports Global, the authorized dealer for Lamborghini cars in Singapore, has been fined SGD210,000 (US$166,000) for trading in his company’s shares to create the false impression of active trading.
Melvin Goh Kim San, a 69-year-old former CEO and executive chairman of EuroSports, has been fined $166,000 for engaging in false trading activities. EuroSports, a luxury automobile distributor and authorized Lamborghini dealer in Singapore and Indonesia, was under Goh's leadership from 1988 until his arrest in December 2021. Between 2015 and 2018, Goh utilized three personal accounts and the trading accounts of three nominees to trade EuroSports shares, aiming to create artificial trading activity and give the impression of market engagement.
Despite the nominal financial impact, the prosecutors emphasized that such behavior is unacceptable in the securities market. Goh's defense argued for a SGD180,000 fine, citing minimal price movements and a lack of sophistication in the trades. The case has been ongoing for four years, causing significant emotional and psychological distress to Goh, as well as negative publicity affecting his company's relationships with investors and partners.
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