It was the first such action imposed for breaches of shareholding disclosure requirements under the Securities and Futures Act since the civil penalty regime was broadened for such offences in November 2012, according to an MAS statement.
On four occasions, Lim failed to notify ASIL that he had become a substantial shareholder of the company. In addition, he didn’t inform ASIL of the changes in his interests in the company on 32 occasions and that he had ceased to be a substantial shareholder of the company on five occasions.
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