Chinese national fined S$50,000 by the MAS for insider trading

Yao Hongyuan, a Jiangsu-based Chinese national, had purchased a total of 364,000 Shanghai Asia Holdings shares between May 5 and May 18 last year while he was in possession of non-public price-sensitive information concerning a potential acquisition.

Shanghai Asia Holdings, a packaging firm with operations in China, later made an announcement - on July 29 - indicating that a third party had approached the company to acquire substantially all of its assets.

The Monetary Authority of Singapore (MAS) said Yao, who admitted to contravening the SFA, had paid the fine and cooperated fully with the regulator in the course of the investigation.

The MAS enforcement is a civil penalty action that does not attract criminal sanctions.

In a separate announcement yesterday, Shanghai Asia Holdings said its chief financial officer, Mr Raymond Ng Say Than, had resigned - effective Dec 15 - to pursue "other opportunities and interests". The company thanked Mr Ng for his contributions and said it was looking for a replacement.

ORIGINAL SOURCE

Content used in this not-for-profit blog remain the property of their respective owners.