Former CEO of SGX-listed GS Holdings charged over false trading

[SINGAPORE] The former CEO of GS Holdings, Pang Pok, was charged in court on Wednesday (Nov 4) with abetting a conspiracy to engage in share price manipulation and perverting the course of justice, said the Singapore Police Force.

Pang, 68, who stepped down as CEO in 2024, is accused of conspiring with Koh Kim Seng, 62, and Chong Fatt, 60, to create a misleading appearance with respect to the price of GS Holdings’ securities between January 2022 and October 2023.

The court documents did not state what roles Koh and Chong held in the company.

Pang and Chong are also accused of deleting chat messages from their mobile phones relating to the alleged conspiracy. They face an additional charge of perverting the course of justice.

All three men face, among other charges, one count each under the Securities and Futures Act.

GS Holdings – behind several foodcourts and food centres in Singapore – was renamed Octopus (Apac) Holdings in February 2026 and is listed on the Catalist board of the Singapore Exchange.

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The Singapore-based company is now involved in beverage distribution.

Joint investigation

The charges arose from a joint investigation by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore, following a referral from Singapore Exchange Regulation.

If convicted, the accused face imprisonment of up to seven years, a fine of up to S$250,000, or both, for each charge relating to false trading.

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The penalty for perverting the course of justice includes imprisonment of up to seven years, a fine, or both.

The charges come amid a series of corporate developments at Octopus (Apac) Holdings.

The company appointed Paul Hopkins, formerly general manager of Maritime and Mercantile Asia Pacific, as its group CEO in October 2025. He stepped down from the role after less than a year, on Jul 21, 2026.

Expansion mode

The group’s expansion into beverage distribution began earlier in 2025. In May that year, it acquired Octopus Distribution Networks (ODN), which has since become the main focus of its F&B distribution business.

ODN subsequently expanded its portfolio in September 2025 by agreeing to acquire the distribution business of LHA Food & Beverages for about S$3 million in cash.

The transaction included the rights to distribute 11 Degree Premium Yanjing Beer in Singapore, as well as the trademarks of Rossl Bier and Como Bere.

In February 2026, the company changed its name to Octopus (Apac) Holdings, to better reflect the business profile and strategic direction.

The company entered into a conditional share sale-and-purchase agreement to dispose of its entire stake in wholly owned subsidiary Hawkerway to Wei Global for a net cash consideration of S$650,000.