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MAS slaps fine, ban on remisier Wong Teck Kui for insider trading
THE Monetary Authority of Singapore (MAS) has fined dealmaker Wong Teck Kui S$110,000 and issued him with a two-year ban on regulated securities and futures activities for insider trading of Time Watch Investments shares.
Mr Wong, who is a remisier at UOB Kay Hian, bought 1.3 million shares of TWI on Jan 17 and 18, 2011, through accounts held by his wife, sister and mother while he knew of an as-yet undisclosed proposed voluntary delisting and exit offer for TWI, MAS said.
On Jan 19, Red Rewarding offered to delist TWI and buy out its minority shareholders for 27 Singapore cents per share, a 15 per cent premium to TWI's last traded price before the announcement.
MAS said that Mr Wong made a profit of S$43,636 from his trades.
TWI is currently listed in Hong Kong.