Indonesian tycoon and chief executive of offshore and marine company KS Energy, Kris Taenar Wiluan (pic), was slapped with 112 charges in relation to violations of Section 197 of the Securities and Futures Act, which deals with false trading and market-rigging transactions.
Wiluan, also founder of Indonesia’s Citramas Group, was accused of instructing his employee, Ho Chee Yen, to instruct a trading representative from CIMB Securities (Singapore) to execute trades in the shares of KS Energy through the trading account of Pacific One Energy, a company controlled by Wiluan, on various occasions between December 2014 and September 2016, to “push up” the share price of the mainboard-listed company.
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