Singapore Markets open in 5 hrs 58 mins

Trader pays MAS $110,000

 

That’s the civil penalty for his insider trading.

The Monetary Authority of Singapore said it has taken civil penalty enforcement action against Mr Loh Ah Lay Richard for insider trading under Section 219(2)(a) of the Securities and Futures Act (SFA).

Here’s more from MAS:

On 22 February 2007, Mr Loh bought 250,000 shares in GKE International Ltd (GKE), at an average price of $0.142 per share, while he was in possession of nonpublic materially price-sensitive information concerning GKE’s proposed acquisition of Van Der Horst Biodiesel Pte Ltd.

The Proposed Acquisition was subsequently announced by GKE on 6 April 2007. Thereafter, on 13 and 19 April 2007, Mr Loh sold the 250,000 shares, making a profit of $54,669.

Mr Loh has admitted to contravening Section 219(2)(a) of the SFA and paid MAS a civil penalty of $110,000, without court action.

The matter was referred to MAS by Singapore Exchange Securities Trading Ltd. 



More From Singapore Business Review