Indonesian oil and gas tycoon Kris Wiluan charged with 112 counts of alleged market rigging, false trading

SINGAPORE — Indonesian magnate Kris Wiluan is facing 112 charges for alleged market rigging under the Securities and Futures Act. He was charged on Wednesday (Aug 5), the police said in a press release.

The 71-year-old Singapore permanent resident is chief executive officer of offshore and marine company KS Energy Limited, which is listed on the mainboard of the Singapore Exchange.

A 56-year-old Singaporean woman who is a manager employed at the CEO and chairman’s office is charged with 92 counts under the same Act for intentionally aiding the CEO and chairman in the market rigging by relaying his instructions to the relevant trading representatives, the police said.

Market rigging is the act of unfairly or illegally controlling the sale or the price of products or shares.

Wiluan is accused of engaging in activities intended to create a misleading appearance with respect to the price of KS Energy’s shares.

The police said that the charges are for him giving instructions, either personally or through the manager, to trading representatives in CIMB Securities (Singapore) who were servicing the trading account of an entity that he beneficially owned and controlled, to buy KS Energy’s shares for the purpose of pushing up the price of the shares on 112 trading days between Dec 19, 2014 and Sept 13, 2016.

On its website, KS Energy stated that Wiluan was awarded Entrepreneur of the Year by Ernst & Young Indonesia in 2009. He had also received “Asia’s Most Influential Cover Personalities Awards” from Fortune Times in 2015.

He is also chairman of the Citramas Group conglomerate, which has businesses in oilfield equipment manufacturing, shipping and logistics, and in the hospitality and leisure industry. The group owns land in the upscale resort area of Nongsa, Batam and is involved in developing the Nongsa Digital Park. 

At Wiluan's 70th birthday, the Singapore Tatler magazine reported that Economic Development Board chairman Beh Swan Gin had praised the Indonesian businessman for furthering and cementing Singapore-Indonesia business ties.

If found guilty, Wiluan and the manager could be jailed up to seven years or fined up to S$250,000, or both.