MAS Works Alongside FCA to Issue Fine for Insider Trading
The Monetary Authority of Singapore (MAS) has issued a civil penalty of $366,000 to a non-executive chairman of Auhua Clean Energy (ACE) found guilty of insider trading.
MAS found Tham Wai Mun Raphael to have sold shares of ACE on the London Stock Exchange, while in possession of non-public information concerning the company. Tham, whose case was passed to MAS by the UK’s Financial Conduct Authority (FCA) admitted to contravening insider trading provisions. He further made a voluntary undertaking to MAS that he will not be a company director or engaged in the management of a company for a two year period.
A spokesperson for MAS, Loo Siew Yee, commented:
“The civil penalty action against Mr Tham, a Singaporean who engaged in insider dealing of shares listed in the United Kingdom, reflects our commitment to pursue offenders who commit market misconduct, regardless of whether the securities are listed in Singapore or overseas. The successful action is a result of the close cooperation and information sharing arrangements MAS has with foreign regulators like the FCA, to help fight financial crimes that transcend borders.”