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NEWS UPDATES Asean Affairs   25 July 2013  

MAS Takes Civil Penalty Action and Issues Prohibition Order Against

Mr Lee Wee Soon for False Trading and Market Manipulation Singapore, 24 July 2013… The Monetary Authority of Singapore (MAS) has taken  civil penalty enforcement action against Mr Lee Wee Soon for contravening sections 197(1)(b) and 198(1) of the Securities and Futures Act (SFA), which prohibit false  trading and market manipulation, respectively.
2 On 25 March 2008, Mr Lee, a remisier with UOB Kay Hian Pte Ltd, entered five buy orders through his personal account for shares in Cosco Corporation (S) Ltd 
(Cosco), during the Singapore Exchange Securities Trading Limited’s Pre-Open  Phase.

The buy orders were priced between $3.38 and $3.48, totaling 1.1 million 
shares, and represented 62.7% of all buy order quantities queuing at the 20 best bid 
prices of Cosco shares at the material time. Concurrently, Mr Lee also placed a sell  order for 100,000 Cosco shares at $3.35. Mr Lee deleted the buy orders just before 
the opening price for Cosco shares was determined at 8:59 a.m. 
3 Mr Lee has admitted to contravening sections 197(1)(b) and 198(1) of the SFA by placing buy orders to raise the indicative opening price of Cosco shares 
during the Pre-Open Phase and thus induce other persons to purchase Cosco shares  when the market opened at 9 a.m. Mr Lee had no intention of fulfilling the buy orders 
but had entered them to create a favourable environment to fulfill his sell order at  $3.35. His actions resulted in a profit of $3,645. 
4 Mr Lee has paid a civil penalty of $50,000 to MAS without court action. MAS  has also issued an order against Mr Lee prohibiting him, for a period of 1 year, 
from (i) conducting business in any regulated activity or acting as a representative in   respect of any regulated activity; and (ii) taking part in the management of any holder 
of a capital market services licence or any person exempt under section 99(1) of the  SFA in Singapore. 
5 Mr Lee Chuan Teck, Assistant Managing Director of the Capital Markets  Group, MAS, said: “The Pre-Open and Pre-Close Phases were introduced to 
increase efficiency, market integrity and transparency. It is important that the orders  are genuine. Actions that create a false or misleading appearance as to the market,
or are taken to manipulate the opening and closing prices, are offences under the SFA

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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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