atans1

Insider trading: The long reach of MAS

In Uncategorized on 15/10/2015 at 4:35 pm

This case surprised me because all that happened was that a bank account here was usedto buy the shares. Otherwise everything was done overseas.

The Monetary Authority of Singapore (MAS) said in a statement on Wednesday it fined Rajiv, a former Indonesia investment banking head of UBS, S$434,912 (US$313,857) in the 2012 insider trading case. It sweems the guy juz lost his job at Caryle as head of its Indon division.

The MAS said Rajiv bought 1 million PT Bank Danamon shares in March 2012 through his wife’s bank account in Singapore after he possessed price-sensitive and non-public information on a proposed acquisition of Danamon by Singapore’s DBS Bank.

DBS announced the proposed acquisition in April 2012 and MAS said Rajiv made a profit of S$173,965 from his insider trades when he was with UBS. Due to regulatory issues, DBS subsequently pulled the plug on the Danamon deal.

The MAS said Rajiv admitted breaking the securities law and paid MAS the civil penalty without court action.

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