MAS imposes $120,000 civil penalty on Dr Chua Han Boon Kenneth for insider trading in Singapore Medical Group's shares

Felicia Tan06-30

The group, previously listed on Singapore Exchange's (SGX) Catalist board, delisted in January 2023 after a successful voluntary privatisation bid led by its top executives.The Monetary Authority of ...

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The group, previously listed on Singapore Exchange's (SGX) Catalist board, delisted in January 2023 after a successful voluntary privatisation bid led by its top executives. The group received a privatisation bid of 37 cents per share in September 2022 before raising its takeover offer to 40 cents in November that same year.\nAccording to the joint statement by MAS and the Commercial Affairs Department (CAD) on June 30, Chua was one of the few shareholders approached by the offeror prior to SMG's announcement. He was also informed of the privatisation plan, as well as SMG's intention to expand its operations. Chua was also asked to sign an irrevocable undertaking in favour of the offer.\nKnowing this and before the announcement was made public, Chua bought a total of 210,000 SMG shares on Sept 6 and 7, 2022, for $67,200 or 32 cents apiece.\nHe has admitted to breaching section 218(2)(a) of the Securities and Futures Act, which prohibits a person - who has possession of materially price-sensitive information concerning a corporation to which he is connected - from subscribing for, purchasing, selling or entering into an agreement to subscribe for, buy or sell said corporation's shares.\nChua has already paid MAS the civil penalty without court action. He has also given a voluntary undertaking not to be a company director or be involved in the management of a company for two years.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2647568654","isCrawlerRequest":true}