30-04-2015, 11:03 AM
It took about 6 years to conclude a civil case by MAS, but the penalty is pretty heavy...
MAS takes civil penalty actions against two for insider trading
SINGAPORE: The Monetary Authority of Singapore (MAS) has imposed civil penalties on Mr Lim Oon Cheng and his niece, Ms Lim Huey Yih, for contravening the Securities and Futures Act (SFA), said MAS in a media release on Wednesday (Apr 29).
Between May 15 and May 22, 2009, Mr Lim purchased 2.27 million shares in Singapore Petroleum Company (SPC) and 101,000 shares in Keppel Corporation (KCL) while in possession of price-sensitive and non-public information relating to PetroChina International (Singapore)’s (PIPL) acquisition of SPC shares from KCL and PIPL’s mandatory general offer for SPC shares.
Ms Lim purchased 892,000 shares in SPC over the same period while also in possession of this pricesensitive and non-public information. The Share Acquisition and the Mandatory General Offer were subsequently announced on May 24, 2009.
In addition, Mr Lim entered an order on May 19, 2009 to sell 300,000 shares in SPC at the intra-day high of S$4.39 without any intention to fulfill the order. This created a false and misleading appearance in the market for SPC shares, said MAS.
Mr Lim made a profit of more than S$3.8 million and Ms Lim a profit of almost S$900,000 from their insider trading activities.
Mr Lim has admitted to contravening sections 219(2)(a) and 197(1)(b) of the SFA and has agreed to pay a civil penalty of S$9.597 million, comprising S$9.547 million for insider trading and S$50,000 for false trading. Ms Lim has admitted to contravening section 219(2)(1) of the SFA and has agreed to pay a civil penalty of S$2.241 million for insider trading.
- CNA/eg
http://www.channelnewsasia.com/news/sing...14314.html
MAS takes civil penalty actions against two for insider trading
SINGAPORE: The Monetary Authority of Singapore (MAS) has imposed civil penalties on Mr Lim Oon Cheng and his niece, Ms Lim Huey Yih, for contravening the Securities and Futures Act (SFA), said MAS in a media release on Wednesday (Apr 29).
Between May 15 and May 22, 2009, Mr Lim purchased 2.27 million shares in Singapore Petroleum Company (SPC) and 101,000 shares in Keppel Corporation (KCL) while in possession of price-sensitive and non-public information relating to PetroChina International (Singapore)’s (PIPL) acquisition of SPC shares from KCL and PIPL’s mandatory general offer for SPC shares.
Ms Lim purchased 892,000 shares in SPC over the same period while also in possession of this pricesensitive and non-public information. The Share Acquisition and the Mandatory General Offer were subsequently announced on May 24, 2009.
In addition, Mr Lim entered an order on May 19, 2009 to sell 300,000 shares in SPC at the intra-day high of S$4.39 without any intention to fulfill the order. This created a false and misleading appearance in the market for SPC shares, said MAS.
Mr Lim made a profit of more than S$3.8 million and Ms Lim a profit of almost S$900,000 from their insider trading activities.
Mr Lim has admitted to contravening sections 219(2)(a) and 197(1)(b) of the SFA and has agreed to pay a civil penalty of S$9.597 million, comprising S$9.547 million for insider trading and S$50,000 for false trading. Ms Lim has admitted to contravening section 219(2)(1) of the SFA and has agreed to pay a civil penalty of S$2.241 million for insider trading.
- CNA/eg
http://www.channelnewsasia.com/news/sing...14314.html
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