HO HUI MIN v PUBLIC PROSECUTOR

[2026] SGHC 95 High Court (General Division) 5 May 2026 • HC/MA 9217/2024/01 • 34 min read
20 cases cited (18 SG, 2 foreign)

Catchwords

Criminal Procedure and Sentencing — Sentencing — Appeals Criminal Law — Statutory offences — Securities and Futures Act

Practice Areas

Criminal Procedure and Sentencing Criminal Law

Judges (1)

See Kee Oon Delivered

Counsel (7)

Attorney-General's Chambers Firm Sreenivasan Chambers LLC Firm Lim Wei Liang Jason Counsel Appellant Narayanan Sreenivasan Counsel Appellant Ng Yiwen Counsel Respondent S Vidya Counsel Appellant Yee Jia Rong Counsel Respondent

Parties (2)

Public Prosecutor Respondent Ho Hui Min Appellant

Case Significance

In Ho Hui Min v Public Prosecutor [2026] SGHC 95, decided on 5 May 2026, the High Court General Division (Magistrate's Appeal No 9217 of 2024/01) heard Ho Hui Min's appeal against her conviction and sentence on two charges under s 197(1)(b) of the Securities and Futures Act for conspiring with Koh Hai Yang to create a false appearance in the price of securities of Raffles United Holdings Ltd (RUHL) by conducting trades to push up the volume-weighted average prices of RUHL securities. The Senior District Judge had convicted her on 4 July 2024 and sentenced her to 12 weeks' imprisonment per charge, to run concurrently, on 8 November 2024. JAD See Kee Oon, presiding on appeal, engaged the Evidence Act, Penal Code, and Securities and Futures Act — drawing on 20 cited authorities (18 Singapore, 2 foreign) — to determine whether the conviction and sentence should stand. Ho Hui Min was represented by Narayanan Sreenivasan, Lim Wei Liang Jason, and S Vidya of Sreenivasan Chambers LLC; the Prosecution was represented by Ng Yiwen and Yee Jia Rong from the Attorney-General's Chambers.

Summary

Ho Hui Min, head of corporate and finance at Raffles United Holdings Ltd, appealed against her conviction and concurrent 12-week imprisonment sentences for two charges of conspiring to engage in false trading under s 197(1)(b) of the Securities and Futures Act, involving manipulation of the company's volume-weighted average price between 2015 and 2016 to meet SGX's minimum trading price rule. The court upheld both the conviction and sentence, finding the trial judge's findings of fact and credibility assessments were not plainly wrong and the sentence was within the proper range of the DJ's sentencing discretion. The appeal was dismissed.

What offences was Ho Hui Min convicted of in the Securities and Futures Act case decided in May 2026?

Ho Hui Min was convicted of two charges under s 197(1)(b) of the Securities and Futures Act for conspiring with Koh Hai Yang to create a false appearance in the price of Raffles United Holdings Ltd securities by pushing up their volume-weighted average prices. She was sentenced to 12 weeks' imprisonment per charge, running concurrently.

Which judge heard the appeal in Ho Hui Min v Public Prosecutor [2026] SGHC 95?

JAD See Kee Oon of the High Court General Division heard the appeal, which was argued on 13 and 20 February 2026, with the grounds of decision delivered on 5 May 2026. Ho Hui Min appealed both her conviction and sentence imposed by the Senior District Judge on 8 November 2024.

Statutes Cited

Evidence Act (Cap 97)
s 156 s 157(c)
Penal Code (Cap 224)
s 109
Securities and Futures Act (Cap 289)
s 197(1)(b)

Cases Cited (20)

SG (9)
[2005] SGDC 196 [2011] SGDC 184 [2012] SGDC 100 [2016] SGHC 25 [2021] SGDC 53 [2024] SGDC 23 [2025] SGDC 145 [2025] SGDC 204 [2025] SGHC 222
SLR (9)
[1996] 1 SLR(R) 958 [2008] 2 SLR(R) 61 [2016] 5 SLR 146 [2017] 1 SLR 820 [2018] 3 SLR 117 [2019] 3 SLR 413 [2019] 3 SLR 749 [2021] 1 SLR 744 [2022] 5 SLR 1075
UK (2)
[1954] 1 WLR 1489 [2020] 4 WLR 103

Judgment

Read the full judgment on the official Singapore Courts portal.

Read on eLitigation

Source: eLitigation ([2026] SGHC 95)