Individual charged with insider trading in Singapore

Following a joint investigation by the CAD and Monetary Authority of Singapore (MAS), civil penalty action has been taken against Ms Kunye Tagi for insider trading in the shares of Genting Singapore PLC (Genting).

On 14 May 2015, Genting announced its financial losses for the quarter ending 31 March 2015. Following the financial results announcement, Genting shares closed 5.9% lower, at $0.955 the next trading day.

On 14 and 24 April 2015, Ms Tagi, who was Genting’s Vice President of Finance then, sold 175,000 Genting shares while in possession of non-public price-sensitive information concerning the financial results. The sale of the shares enabled Ms Tagi to avoid a loss of $13,625.

Ms Tagi has admitted to contravening the insider trading provision under section 218(2)(a) of the Securities and Futures Act, and has paid MAS a civil penalty of S$50,000 without court action.

The official announcement can be seen here.

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