MAS fines individual for insider trading in CSE Global Limited shares

SFC fines

The Monetary Authority of Singapore (MAS) announced that it has taken civil penalty action against Mr Tarek Abdel Tawab Mohamed Abdel Bary (Tarek Bary) for insider trading in the shares of CSE Global Limited (CSE Global).

Tarek Bary has admitted to contravening section 218(2)(a) of the SFA, and will pay MAS a civil penalty of S$423,000.00. In addition, Tarek Bary will pay MAS S$61,457.90 for the legal costs and disbursements incurred for the civil penalty action. Tarek Bary has also given a voluntary undertaking not to be a company director or be involved in the management of a company for a period of two years with effect from 18 December 2017.

Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said:

MAS does not tolerate any form of insider dealing. Any individual who has access to material non-public information should not trade in the company’s shares. Listed companies are reminded to ensure that parties who have access to confidential and price-sensitive information are fully aware of their obligations under the law.


On 11 August 2011, CSE Global reported a loss of S$7 million in its 2011 second quarter results. The loss was due to cost overruns in relation to four projects undertaken by CSE Global, including two projects in Saudi Arabia (Saudi Projects). Following the disclosure, the price of CSE shares fell by 13.9%.

At the time, Tarek Bary was the Managing Director of CSE-Transtel Pte Ltd (CSE-Transtel), a wholly owned subsidiary of CSE Global. On 8 April 2011, prior to CSE Global’s announcement of its second quarter results, Tarek Bary sold 500,000 CSE Global shares while in possession of non-public, price-sensitive information concerning the cost overruns for the Saudi Projects. The sale of the shares allowed Tarek Bary to avoid a loss of S$168,955.

On 1 March 2017, MAS commenced a civil penalty action in the State Courts of Singapore against Tarek Bary for insider trading in CSE Global’s shares under the Securities and Futures Act (SFA).

On 27 November 2017, Tarek Bary agreed to settle the matter out of court with MAS.

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