Aug 26, 2016

    Trio charged for Allgreen insider trading

    THE Monetary Authority of Singapore (MAS) has charged three people, including a dealer in First State Investments Singapore (FSI), for alleged insider trading involving shares of Allgreen Properties, a property company controlled by Robert Kuok which was taken private five years ago.

    The three Singaporeans - Leong Chee Wai, Toh Chew Leong and E Seck Peng Simon - were charged with 115, 111 and 107 offences respectively under the Securities and Futures Act.

    Under the first charge, FSI dealer Leong, 47, was charged with allegedly procuring Simon to purchase 548,000 and short sell 290,000 Allgreen shares between July 4, 2007 and Feb 21, 2008, through his personal trading account in UOB Kay Hian, based on price-sensitive inside information that Leong possessed on FSI's intended trades on the counter and before the fund manager had completed its intended order.

    Under another charge, Leong is alleged to have conspired with Toh to procure Simon to purchase 743,000 and short sell 2.23 million Allgreen shares through the same trading account on or before Aug 28, 2008 to Aug 17, 2009, by providing Simon with inside information on FSI's intended trades in the counter.