MAS fines former AEHL director $137,000 for insider trading

On 18 November 2019, AEHL said a creditor demanded immediate repayment of $83.4m.

The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $137,000 on Ang Yew Jin Eugene for insider trading in shares of SGX-listed Alpha Energy Holdings Limited (AEHL).

Ang admitted to contravening section 218(2)(a) of the Securities and Futures Act and has paid the penalty without court action, according to a Joint Statement by MAS and the Singapore Police Force.

In addition, Ang has undertaken not to act as a director or be involved in company management for two years.

On 18 November 2019, AEHL announced that a creditor had declared the entire principal sum of $83.4m (US$64m) owed by the group immediately due and payable, following a default on a partial loan repayment.

The sum represented roughly ten times the group’s current assets as of 30 June 2019, and trading of AEHL shares was suspended after the announcement.

Ang, a non-executive director at the time, was aware of the group repayment default and the creditor’s right to demand immediate payment. On 13 November 2019, he sold 2.41 million AEHL shares held in his parents’ trading accounts, helping them avoid losses of approximately $54,900.

US$1 = $1.30

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