ASIC v. Henry Eng Chye Heng (price manipulation, 2024)

Judgment entered

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In April 2024 Eneco Refresh founder Henry Heng was sentenced to 18 months' imprisonment, released on recognisance, for market manipulation and creating a false appearance of active trading, using family trading accounts, from 2020 to 2021. It is not an insider trading case.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Australian Securities and Investments Commission announced the sentence on April 22, 2024 as release 24-082MR; he was sentenced in the Perth District Court on April 19.

Heng, managing director and executive chairman of the company, used accounts in family members' names to manipulate its share price on 24 occasions between December 2020 and December 2021, and to create false appearance of active trading on two days.

The tag came from the ASIC chair's reference to separate insider trading convictions in the release; it has been removed.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Price manipulation — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2024-04-22 ASIC media release

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• ASIC media release

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.