Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>   Singapore News  >> Capital Markets  >> MAS TAKES CIVIL PENALTY ENFORCEMENT ACTION AGAINST MR ANG KOK MIN FOR INSIDER TRADING

NEWS UPDATES Asean Affairs   19 April 2013  

MAS TAKES CIVIL PENALTY ENFORCEMENT ACTION AGAINST MR ANG KOK MIN FOR INSIDER TRADING

MAS Takes Civil Penalty Enforcement Action Against Mr Ang Kok Min for Insider Trading
Singapore, 18 April 2013…The Monetary Authority of Singapore (MAS) has taken civil penalty enforcement action against Mr Ang Kok Min for insider trading under Section 219(2)(a) of the Securities and Futures Act (SFA). 2. On 13 August 2010, Wilmar International Limited (Wilmar) announced its intention to purchase 20% of the share capital of Kencana Agri Limited (Kencana), a company listed on the Singapore Exchange Securities Trading Ltd (SGX-ST), at $0.35 per share. After the release of the announcement, Kencana’s share price closed at $0.385, a 10% increase over the preceding day’s closing price of $0.35. 3. Prior to the announcement, Mr Ang, a senior trading manager at Wilmar at that time, attended a meeting during which it was agreed that the investment by Wilmar into Kencana would be at an indicative price of $0.35 per Kencana share. Whilst in possession of the non-public price-sensitive information concerning Wilmar’s intention to invest in Kencana, Mr Ang bought 100,000 Kencana shares on 23 July 2010 and another 100,000 Kencana shares on 2 August 2010. As a result of his purchases, Mr Ang made a profit of approximately $6,200. 4. Mr Ang has admitted to contravening Section 219(2)(a) of the SFA and has paid MAS a civil penalty of $50,000, without any court action. 5. The matter was referred to MAS by SGX-ST.

***********

(A) The civil penalty regime
 (i) A civil penalty action is not a criminal action and does not attract criminal sanctions. The civil penalty regime, designed to complement criminal sanctions and provide a nuanced approach to combat market misconduct, became operational at the beginning of 2004.
(ii) Under section 232 of the SFA, MAS may enter into an agreement with any person for that person to pay, with or without admission of liability, a civil penalty for contravening any provision of Part XII of the SFA. The civil penalty may be up to three times the amount of the profit gained or loss avoided by that person as a result of the contravention, subject to a minimum of $50,000 (if the person is not a corporation) or $100,000 (if the person is a corporation). Where the contravention did not result in the person gaining a profit or avoiding a loss, the civil penalty may be up to $2 million, subject to a minimum of $50,000.

(B) Insider Trading under section 219(2)(a) of the SFA

(i) Section 219(2)(a) prohibits a person who is in possession of materially price-sensitive information concerning a corporation (to which he is not connected), which he knows is materially price-sensitive and not generally available, from subscribing for, purchasing, selling, or entering into an agreement to subscribe for, purchase or sell those securities of that corporation.


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



 
Today's  Stories    19 April 2013   Subsribe Now !
• MAS TAKES CIVIL PENALTY ENFORCEMENT ACTION AGAINST MR ANG KOK MIN FOR INSIDER TRADING Subcribe: Asean Affairs Global Magazine
• Singapore Exchange appoints Jenny Chiam as new Securities Head Asean Affairs Premium
• Road paved with granite and hope comes to Myanmar
• MISC falls below Petronas revised takeover offer
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Trading ideas: MISC, Aeon Credit, Efficient E-Solutions
• Thai AirAsia ready to serve Chinese boom
• Car production rises 34%
• Cambodia-backed map was 'never endorsed'
• US warship arrives in S'pore for Southeast Asian deployment
• EU ready to lift Myanmar sanctions, except on arms
• Vietnam jails activist for 'anti-state propaganda'
• Kingdom lacks education as economic ties approach
• MFI increases loans as economy growsl
• Activist groups call for rights tribunal in Aceh
• Signor Sassi Bangkok voted as Thailand's Best Restaurants
Asean Analysis             19 April 2013      Advertise Your Brand
• Asean Analysis- April 19, 2013  
• Asean Weekly- April 19, 2013 Sponsor Our Events
Asean Stock Watch      19 April 2013 
• Asean Stock Watch- April 19, 2013  

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

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

 

Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com