MAS takes civil penalty action against Vincent Rajiv Louis for insider trading

THE Monetary Authority of Singapore (MAS) has taken civil penalty action against Vincent Rajiv Louis for insider trading in the shares of PT Bank Danamon (Danamon) under the Securities and Futures Act (SFA).

Mr Rajiv was a managing director at UBS AG, Indonesian Branch, and was the head of its investment banking operations when the contravention happened. On March 30, 2012, Mr Rajiv, who resides in Indonesia, bought one million Danamon shares 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.

DBS subsequently announced the proposed acquisition on April 2, 2012, and Mr Rajiv made a profit of 1,739,821,337 rupiah, or S$173,965 from his insider trades.

Mr Rajiv has admitted to contravening Section 218(2)(a) of the SFA and has paid MAS a civil penalty of S$434,912 without court action.

"The civil penalty action against Mr Rajiv, who resides in Indonesia, is significant. It reflects MAS' firm resolve to act against anyone who contravenes our market conduct laws, whether he is based in Singapore or overseas," said Lee Boon Ngiap, assistant managing director (capital markets), at MAS.