Il­le­gal stock trad­ing: MAS seeks heav­ier fines for duo

New Straits Times - - Business -

SIN­GA­PORE: The Mone­tary Au­thor­ity of Sin­ga­pore (MAS) is go­ing to court to seek an in­crease in penal­ties handed down to a di­vorced cou­ple for unau­tho­rised stock trad­ing.

The reg­u­la­tor is chal­leng­ing sums of as much as S$75,000 (RM236,620) or­dered by a dis­trict judge in March, ac­cord­ing to its no­tice of ap­peal filed in the Sin­ga­pore High Court. The pun­ish­ments are at the low end of the S$50,000 to S$2 mil­lion MAS can seek un­der the city’s civil penalty regime.

The case is the lat­est in­di­ca­tion that Sin­ga­pore is tak­ing en­force­ment of fi­nan­cial mis­con­duct se­ri­ously.

Wang Boon Heng and his exwife Foo Jee Chin de­clined to com­ment through their lawyer Robert Raj. The duo haven’t filed their re­sponse to MAS’s ap­peal.

The reg­u­la­tor is seek­ing S$200,000 from Wang and S$100,000 from Foo, ac­cord­ing to court records. Bloomberg

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