By Elena Chong

A couple were charged in a district court on Thursday with 48 counts of cheating by making multiple applications of initial public offering of shares.

Lim Choon Kang and Lim Peng Liang, both 58, are said to have schemed with each other to cheat four issue managers into believing that their applications and those of four others were the only ones made which turned out to be false.

They had applied for IPO of shares of companies such as CDW Holding, Asia Tiger Group, Olam International, Asia Water Technology and Pearl Energy.

The alleged offences took place between January and April 2005. Bail was offered.

The couple were represented by Mr Shashi Nathan. Their cases have been fixed for a pre-trial hearing on July 21.

If convicted, they can be jailed for up to one year or fined or both on each charge.