No Signboard Holdings Ltd.’s Chief Executive Officer Lim Yong Sim was charged with price rigging in Singapore, the Straits Times reported Thursday, citing local police.
Lim allegedly placed orders for No Signboard shares with the intention of pushing up or supporting the stock in 2018 and early 2019, according to the newspaper. He was arrested and released on bail in 2019.
No Signboard said it had no knowledge of the ongoing investigations and was not notified by Lim, according to an exchange filing late Thursday.
The charges may impact Lim’s suitability to remain as a board member and key management of the company, it said. Meanwhile, it affirmed that business operations have not been affected and will continue as usual.
The restaurant chain was best known for its signature white pepper crab dish.
No Signboard shares have been halted from trading since January 2022 at the company’s request. The stock made its debut in November 2017.
--With assistance from Liz Yee Xing Ng.
(Updates with statement from No Signboard.)
