Ex-CIMB banker fined S$180,000 for in­sider trad­ing

New Straits Times - - Business World -

SIN­GA­PORE: Alan Tay Yeow Kee, a for­mer CIMB Group Hold­ings Bhd banker, ad­mit­ted to in­sider trad­ing on two stocks be­fore the firms re­ceived takeover of­fers.

Tay pleaded guilty to trad­ing on price-sen­si­tive in­for­ma­tion in a court yes­ter­day and was fined S$180,000 (RM554,905).

He bought shares in Qual­i­tas Med­i­cal Group Ltd and weld­ing prod­ucts sup­plier Lee­den Ltd in 2011 be­fore the in­for­ma­tion he had was pub­licly avail­able.

CIMB was the fi­nan­cial ad­viser in both deals, said pros­e­cu­tor Joel Chen in court.

The com­pa­nies were delisted from Sin­ga­pore’s stock ex­change af­ter be­ing ac­quired.

Tay, who was an as­so­ciate di­rec­tor in the cor­po­rate client so­lu­tions de­part­ment at CIMB, was also ac­cused of en­cour­ag­ing Eddy Cheng Hong Wee to buy the stocks, ac­cord­ing to charge sheets when the men were in­dicted last year.

The men split prof­its of about S$60,000, he said.

Charges against Cheng were dropped, though Chen de­clined to say why.

Sin­ga­pore has been clamp­ing down on mar­ket mis­con­duct to pro­tect its image as a fi­nan­cial hub. Bloomberg

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