SINGAPORE: A former vice president of CIMB Bank Berhad was slapped with a five-year prohibition order for insider trading with effect from Monday (Jul 30), said the Monetary Authority of Singapore (MAS).
In a media release on Tuesday, MAS said that Alan Tay Yeow Kee, in 2011, arranged for someone else to purchase shares on his behalf in two companies - Qualitas Medical Group Limited and Leeden Limited - with insider information that both companies had received takeover offers.
AdvertisementHe had learned about the privileged information through his role as CIMB's vice president.
Mr Tay later made a profit of about SS$30,000 through the shares purchased after both companies saw their shares rise after the takeover offers were announced.
In May 2017, Mr Tay was convicted of three charges for insider trading and three other charges were taken into consideration for the purpose of sentencing, MAS said.
He was then fined S$180,000 by the District Court.
AdvertisementAdvertisementWith the prohibition order in place, Mr Tay will be prohibited from carrying out any regulated activities and from taking part in the management, acting as a director, or becoming a substantial shareholder of any capital market services firm under the Securities and Futures Act.
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