Former CEO of GS Holdings, firm behind foodcourts in S’pore, facing false trading charge
Two of the men are also accused of perverting the course of justice by deleting text messages relating to the trades.
SINGAPORE – The ex-CEO of GS Holdings, a public-listed firm responsible for several foodcourts and food centres in Singapore, is currently facing a charge of share price manipulation. Pang Pok, aged 68, resigned as the CEO in 2024 and is alleged to have conspired with two others – Chong Fatt, 60, and Koh Kim Seng, 62 – to create a false impression of GS Holdings’ share price.
The exact roles of Chong and Koh within GS Holdings were not specified in the court documents. According to the court documents, the trio is accused of artificially inflating the value of the firm’s securities by executing multiple trades for GS Holdings’ securities using three separate trading accounts from January 2022 to October 2023.
Additionally, Pang and Chong are accused of attempting to obstruct justice by deleting text messages pertaining to these trades. Neither Pang nor Chong entered a plea on November 4, with their cases being adjourned until December 2 to allow time for them to secure legal representation. Pang's bail was set at $120,000, Chong's at $40,000, and Koh's at $30,000.
SGX filings indicate that GS Holdings rebranded itself to Octopus (APAC) Holdings in early 2026 to reflect its objective of becoming a leading food and beverage distribution partner in the Asia-Pacific region. Those convicted of false trading can face up to seven years in prison, a fine of up to $250,000, or both. In the case of perverting the course of justice, a person may be sentenced to up to seven years in prison, a fine, or both.
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