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THE Monetary Authority of Singapore (MAS) has imposed civil penalties on Lim Oon Cheng and his niece, Lim Huey Yih, for insider trading.
Mr Lim has also admitted to false trading.
Mr Lim has agreed to pay a civil penalty of S$9.597 million for insider trading and false trading, while Ms Lim has agreed to pay a civil penalty of S$2.241 million for insider trading.
Between May 15 and 22, 2009, Mr Lim purchased 2.27 million shares in Singapore Petroleum Company (SPC) and 101,000 shares in Keppel Corporation (KCL). At the time, he had price-sensitive, non-public information relating to PetroChina International's (PIPL) acquisition of SPC shares from KCL and PIPL's mandatory general offer for SPC shares.
During the same time period, Ms Lim purchased 892,000 shares in SPC.
The share acquisition by PIPL and the general offer were announced only on May 24, 2009.
In addition, Mr Lim entered an order on May 19, 2009, to sell 300,000 shares in SPC at $4.39 - which was the intra-day high - although he didn't intend to fulfil the order, thus creating a misleading appearance in the market for SPC shares.
Mr Lim and Ms Lim made profits of about S$3.81 million and S$896,340 respectively from their insider trading activities.