MAS imposes $100k penalty on Fuji shareholder for deceiving brokerages

MAS imposes $100k penalty on Fuji shareholder for deceiving brokerages

SINGAPORE - The Monetary Authority of Singapore (MAS) has taken civil penalty enforcement action against a Fuji Offset Plates Manufacturing shareholder for using manipulative and deceptive devices in the trading of securities.

Oh Kian Guan had used securities trading accounts maintained by various persons with a number of brokerages to conduct trades in the shares of Fuji Offset Plates Manufacturing Ltd, for his own benefit.

Oh's actions deceived the brokerage houses into believing that the accounts were opened and operated for the benefit of the respective account holders, when the beneficial owner of the trades in the accounts was in fact himself.

As a substantial shareholder of Fuji, Oh also contravened Section 137 of the SFA, in force at the material time, which required substantial shareholders of listed companies to notify the securities exchange of changes in their shareholdings.

He had failed to notify the Singapore Exchange Securities Trading Limited (SGX-ST) and Fuji of the changes in his deemed shareholdings in Fuji, which took place between July 1, 2007 and August 31, 2008.

Mr Oh has admitted to contravening Sections 201(b) and 137 of the SFA and paid

(i) a civil penalty of $100,000, without court action, in respect of the Section 201(b) contravention; and

(ii) a composition amount of $18,000 in respect of the Section 137 contraventions.

This matter was referred to MAS by SGX-ST.

ljessica@sph.com.sg

Purchase this article for republication.

BRANDED CONTENT

SPONSORED CONTENT

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.