The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $336,000 on Tham Wai Mun Raphael for insider trading. He had sold shares in Auhua Clean Energy PLC (ACE), a company listed on the Alternative Investment Market of the London Stock Exchange, while in possession of non-public and price-sensitive information concerning the company.
Tham, who was the Non-Executive Vice Chairman of ACE, has admitted to contravening the insider trading prohibition under section 218(2)(b) of the Securities and Futures Act and has paid MAS a civil penalty of $336,000 without court action. The penalty represented 2.5 times the losses that Tham had avoided from the sale of his shares. Tham has also given MAS 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 5 June 2019.
Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “The civil penalty action against Tham, a Singaporean who engaged in insider dealing of shares listed in the United Kingdom, reflects our commitment to pursue offenders who commit market misconduct, regardless of whether the securities are listed in Singapore or overseas. The successful action is a result of the close cooperation and information sharing arrangements MAS has with foreign regulators like the FCA, to help fight financial crimes that transcend borders.”
The case was referred to MAS by the Financial Conduct Authority (FCA) of the United Kingdom, which provided assistance in the investigation.