Sinwa's chairman fined $153k for insider trading and other offences

[Darth Sidious]

Sinwa's chairman fined $153k for insider trading and other offences

Published on Oct 12, 2012
By Khushwant Singh

The executive chairman of mainboard-listed Sinwa was on Friday (oct12) fined a total of $153,000.

Sim Yong Teng, 68, had pleaded guilty last month (sept28) to two counts of insider trading and 23 offences under the Companies Act and the Securities and Future Act.

District Judge Kessler Soh also disqualified Sim from being a director of a firm for three years.

His lawyer Subhas Anandan said that Sinwa will announce Sim's stepping down by Saturday (oct13).

Sim had admitted to selling 849,000 company shares on Jan 16, 2007 through the trading account of Ms Tan Leh Hong maintained with Phillip Securities while he had information that was not generally available.

Read the full report in The Straits Times on Friday (Oct 12).

 

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