MAS fines shareholder for not disclosing interests in first case of civil penalty for such breaches
He failed to notify China Real Estate Group of changes to his substantial holding on 32 occasions; also gave false information
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Vivienne Tay
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Singapore
THE Monetary Authority of Singapore (MAS) has slapped a S$200,000 civil penalty on Lim Soon Fang, an investor in Catalist-listed China Real Estate Group, formerly known as Asia-Pacific Strategic Investments Limited (ASIL), for not disclosing changes in, and providing false information regarding his shareholding in the property developer.
This is the first such action by the authority for breaches of shareholding disclosure requirements under Part VII of the Securities and Futures Act since the civil penalty regime was extended in November 2012, MAS said in a statement on Friday.
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