Henry Eng Chye Heng has pleaded guilty to one count of market manipulation and one count of creating a false or misleading appearance of active trading, following an ASIC investigation.

Mr Heng is the founder, executive chair and managing director of the ASX listed company, Eneco Refresh Ltd (ASX:ERG) (Eneco).

ASIC alleges that on 24 occasions between 18 December 2020 and 15 December 2021, Mr Heng used share trading accounts held in the names of his family to manipulate the share price of Eneco.

ASIC further alleges that on 30 April 2021 and 30 November 2021, Mr Heng used share trading accounts held in the names of his family to conduct trades that created a false or misleading appearance of active trading in Eneco.

On 1 December 2023, Mr Heng plead guilty to these charges at a hearing in the Perth Magistrates Court and is due to appear in Perth District Court on 2 February 2024 for sentence mention.

At the same hearing, Mr Heng was also charged with nine counts of failing as a director to notify the market operator of a change in his relevant interests contrary to section 205G(10) of the Corporations Act.

ASIC alleges that on nine occasions between 30 December 2020 and 30 November 2021, Mr Heng used share trading accounts held in the names of his family to conduct trades in Eneco and, being a director of Eneco, failed to notify the ASX within 14 days of a change in his relevant interests in those securities.

Mr Heng was not required to enter a plea to the section 205G(10) Corporations Act charges. Those matters have been adjourned to 9 February 2024 for further mention in the Perth Magistrates Court.

This matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.