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Singapore, 31 October 2013… The Monetary Authority of Singapore (MAS) has taken civil penalty action against Mr Ang Choon Cheng for contravening section 197(1)(b) of the Securities and Futures Act (SFA) by carrying out purchases which were intended to create, and which created, a false or misleading appearance with respect to the price of securities, as well as section 201(b) of the SFA, which prohibits the employment of manipulative and deceptive devices in connection with the subscription, purchase or sale of securities. 2 Mr Ang was an executive director of Natural Cool Holdings Ltd (Natural Cool) when the contraventions took place. Mr Ang had pledged Natural Cool shares to financial institutions for financing purposes. On 35 days between 9 January 2008 and 16 June 2009, Mr Ang bought Natural Cool shares to maintain or raise the price of Natural Cool shares so as to prevent margin calls. As a result of the purchases, Natural Cool shares closed as much as 12 bids, or 30%, above the preceding traded price. Through his actions, Mr Ang intended to create, and created a false or misleading appearance with respect to the price of Natural Cool shares. 3 Mr Ang had carried out the purchases, as well as two sale transactions in Natural Cool shares, using the securities trading accounts maintained by two other persons with the same brokerage house. Mr Ang’s actions had deceived the brokerage house into believing that the purchases and sales were for the benefit of the respective account holders when he was in fact the beneficial owner of those trades.

4 Mr Ang cooperated fully with MAS in the course of the investigation, and has paid a civil penalty of $150,000 to MAS without court action, comprising a civil penalty of $90,000 for contravening section 197(1)(b) of the SFA and $60,000 for contravening section 201(b) of the SFA. Mr Ang has resigned as a director and Chief Executive Officer of Natural Cool on 31 October 2013. Mr Ang has also given a voluntary undertaking to MAS not to be a company director for a period of one year with effect from 31 October 2013.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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