2 directors fined $330,000
TWO directors of AP Oil International, were fined on Monday for offences under the Securities and Futures Act.
Ho Leng Woon, 61, the chairman and managing director, was fined $150,000 for making a misleading statement in an announcement to the Singapore Exchange on Nov 2, 2004.
AP Oil's then executive director Ang Luck Seh, also 61, was fined $80,000 after he admitted to insider trading relating to the purchase of 85,000 company shares then amounting to about $26,000 on Oct 5 that year.
The misleading statements involved iron ore sales and purchase agreements with a Thai company and the corresponding sale of iron ore fines to a Chinese company.
AP Oil signed two iron ore trading contracts potentially worth a total of more than US$700 million (S$974 million) on Sept 24, 2004, but this was not disclosed immediately to the SGX.
On Nov 2 that year, a sharp increase in the trading volume of AP Oil shares prompted an SGX query. AP Oil made the disclosure only 16 days later, on Nov 18.
Ho had two charges and Ang had another charge considered during their sentencing. Both men could each have been fined up to $250,000 or jailed for up to seven years or to both.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_455039.html
TWO directors of AP Oil International, were fined on Monday for offences under the Securities and Futures Act.
Ho Leng Woon, 61, the chairman and managing director, was fined $150,000 for making a misleading statement in an announcement to the Singapore Exchange on Nov 2, 2004.
AP Oil's then executive director Ang Luck Seh, also 61, was fined $80,000 after he admitted to insider trading relating to the purchase of 85,000 company shares then amounting to about $26,000 on Oct 5 that year.
The misleading statements involved iron ore sales and purchase agreements with a Thai company and the corresponding sale of iron ore fines to a Chinese company.
AP Oil signed two iron ore trading contracts potentially worth a total of more than US$700 million (S$974 million) on Sept 24, 2004, but this was not disclosed immediately to the SGX.
On Nov 2 that year, a sharp increase in the trading volume of AP Oil shares prompted an SGX query. AP Oil made the disclosure only 16 days later, on Nov 18.
Ho had two charges and Ang had another charge considered during their sentencing. Both men could each have been fined up to $250,000 or jailed for up to seven years or to both.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_455039.html
