Sinwa's chairman fined $153k for insider trading and 24 other offences
The executive chairman of mainboard-listed Sinwa was today fined a total of $153,000. Sim Yong Teng, 68, had pleaded guilty last month to one count of insider trading and 24 offences under the Companies Act and the Securities and Future Act.
District Judge Kessler Soh also disqualified Sim from being a director of a firm for three years.
His lawyer Subhas Anandan said that Sinwa will announce Sim's stepping down by tomorrow.
Sim had admitted to selling 849,000 company shares on Jan 16, 2007 through the trading account of Ms Tan Leh Hong maintained with Phillip Securities while he had information that was not generally available.