SINGAPORE: The Monetary Authority of Singapore announced on Thursday that it has obtained a civil penalty judgment of S$164,750 against a man for insider trading of shares in Oceanus Group.
Mr Liao, a foreign national, had sold shares in Oceanus Group “while in possession of non-public and materially price-sensitive information concerning a proposed rights issue” by the company. The issue price of S$0.029 per rights share represented a discount of about 42 per cent to the closing price per ordinary share on Jun 6, 2013.“Before the announcement, Mr Liao had provided an irrevocable undertaking to Oceanus to subscribe for the rights shares under the rights issue, with knowledge that the rights shares would be issued at a discount,” said MAS.
MAS began the civil penalty action under the Securities and Futures Act against Mr Liao for insider trading and served court papers while he was overseas.
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