MAS penalises former ACE non-exec vice-chairman for insider trading

Singapore

THE Monetary Authority of Singapore (MAS) has imposed a civil penalty of S$336,000 on Singaporean Raphael Tham Wai Mun for insider trading.

Mr Tham, who was the non-executive vice-chairman of ACE, has admitted to contravening the Securities and Futures Act and paid MAS a penalty sum without court action.

The civil penalty (see amendment note) represented 2.5 times the losses that Mr Tham had avoided from the sale of his shares in Auhua Clean Energy PLC (ACE), which is listed on the Alternative Investment Market of the London…