The Monetary Authority of Singapore (MAS) has taken action against a former chairman of Wee Poh Holdings for insider trading.
Mr Wong Teck Kui, who was chairman of the company from 2003 to 2005, has admitted to trading in the shares of Time Watch Investments (TWI). Wee Poh Holdings was renamed to TWI in 2006.
Mr Wong has paid a civil penalty of $110,000 without court action for contravening the Securities and Futures Act (SFA).
The MAS said that on Jan 17 and 18, 2011, Mr Wong, an appointed representative of UOB Kay Hian, bought a total of 1.3 million TWI shares through trading accounts held by his wife, sister and mother with UOB Kay Hian. This was "while he was in possession of non-public information concerning a proposed voluntary delisting and concurrent exit offer for TWI shares".
On Jan 19 that year, investment holding firm Red Rewarding and TWI announced a proposed delisting and cash offer for TWI shares and Mr Wong made a $43,636 profit from his insider trades.
He has been prohibited from conducting business in any regulated activity under the SFA or acting as a representative. He has also been barred from taking part in the management of any holder of a capital market services licence, or any person exempt from holding such a licence, for two years from Friday.