SINGAPORE - The Monetary Authority of Singapore (MAS) has taken civil penalty action against Mr Vincent Rajiv Louis for contravening the Securities and Futures Act.
Mr Rajiv, who was a managing director and head of investment banking operations at the Indonesian branch of UBS AG, admitted to insider trading in the shares of Indonesia's PT Bank Danamon.
He has paid a civil penalty of S$434,912 without court action.
Mr Rajiv, who resides in Indonesia, bought one million Danamon shares on March 30, 2012, through his wife's bank account in Singapore after he possessed price-sensitive and non-public information on a proposed acquisition of Danamon by DBS Bank in the course of his work.
Danamon is listed on the Jakarta Stock Exchange.
Mr Rajiv made a profit of 1.74 billion rupiah, or S$173,965 from his insider trades, after DBS announced the proposed acquisition of Danamon on April 2, 2012.
Mr Lee Boon Ngiap, MAS's assistant managing director (capital markets), said: "The civil penalty action against Mr Rajiv, who resides in Indonesia, is significant. It reflects MAS' firm resolve to act against anyone who contravenes our market conduct laws, whether he is based in Singapore or overseas."