Ex-Genting Singapore V-P admits to insider trading

Genting Singapore's former vice-president of finance, Ms Kunye Tagi, has admitted to insider trading and has paid the Monetary Authority of Singapore (MAS) a civil penalty of $50,000 without court action.

This follows a joint investigation by the Commercial Affairs Department and MAS.

Ms Tagi sold 175,000 Genting shares on April 14 and April 24 in 2015, while in possession of non-public price-sensitive information about the company's financial results.

On May 14, 2015, Genting announced losses for the quarter ended March 31, 2015.

Following the results announcement, Genting shares closed 5.9 per cent lower at 95.5 Singapore cents on the next trading day.

The sale of the shares enabled Ms Tagi to avoid a loss of $13,625.

  • $50k

    Civil penalty that Ms Kunye Tagi paid to MAS without court action.

A civil penalty action is not a criminal action and does not attract criminal sanctions.

The MAS can make an agreement with the person under investigation to pay a civil penalty for contravening the Securities and Futures Act - with or without admission of liability.

The civil penalty may be up to three times the amount of the profit gained or loss avoided by that person as a result of the contravention, subject to a minimum of $50,000 (if the person is not a corporation) or $100,000 (if the person is a corporation).

A version of this article appeared in the print edition of The Straits Times on May 12, 2018, with the headline 'Ex-Genting Singapore V-P admits to insider trading'. Print Edition | Subscribe