The Monetary Authority of Singapore (MAS) has taken action against a former UBS bank executive for insider trading.
Mr Vincent Rajiv Louis, who was managing director and head of UBS' Indonesian investment banking business at the time, has admitted to trading in the stock of Indonesia's PT Bank Danamon.
He has paid a civil penalty of $434,912 without court action for contravening the Securities and Futures Act.
The MAS said Mr Rajiv, who lives 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".
Mr Rajiv, 42, made a profit of 1.74 billion rupiah, or $173,965, from his insider trades after DBS announced the proposed acquisition of Jakarta-listed Danamon on April 2, 2012. UBS declined comment.
In 2013, DBS walked away from the deal after changes in ownership limits prevented it from taking majority control.
Mr Lee Boon Ngiap, MAS' assistant managing director (capital markets), said yesterday: "The civil penalty action... reflects the MAS' firm resolve to act against anyone who contravenes our market conduct laws, whether he is based in Singapore or overseas."
Mr Rajiv, an American who was born in Sri Lanka, joined UBS in 2003 and left in 2012.