A FORMER executive director of AGV Group has been slapped with 13 charges of conspiring with two others to artificially push up the price of the company’s shares between November 2017 and February 2018.

The offences levelled against Albert Ang Nam Wah on Tuesday (Dec 12) alleged that the 57-year-old had engaged in a conspiracy with Huang Yiwen and Sim Teck Chye to perpetrate the price rigging.

Ang was also the chief executive officer of AGV Group, a provider of hot-dip galvanising services, between Oct 2, 2015, and Jan 13, 2020.

Out on a bail of S$150,000, Ang will have his court case next mentioned on Jan 10. The prescribed maximum punishment for each of the charges he faces is a fine of S$250,000 and an imprisonment term of seven years.

Sim was also charged on Tuesday over his alleged role in the conspiracy and faces 15 offences, most of which were under the Securities and Futures Act.

Huang, the sole director of GTC Group, had earlier been prosecuted in September with 31 counts for false trading in New Silkroutes Group shares.

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The Singapore Exchange had in May 2022 reprimanded Ang for breaching the Catalist rules when he failed to disclose he was being investigated by the Commercial Affairs Department.

On May 4, 2022, AGV Group was placed under judicial management. It had voluntarily suspended the trading of its shares on Nov 24, 2021.