Kunye Tagi sold shares whilst knowing non-public price-sensitive information about Genting's results.
A civil penalty action has been taken against Kunye Tagi for insider trading in the shares of Genting Singapore PLC (Genting), the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) said.
According to a joint statement, Genting announced its financial losses for the quarter ending 31 March 2015. Following the financial results announcement, the shares closed 5.9% lower, at 95.5 cents the next trading day.
On 14 and 24 April 2015, Tagi, who was Genting’s vice president of finance then, sold 175,000 Genting shares whilst in possession of non-public price-sensitive information concerning the financial results. "The sale of the shares enabled Ms Tagi to avoid a loss of $13,625," the two added.
Tagi has admitted to contravening the insider trading provision under section 218(2)(a) of the Securities and Futures Act and has paid MAS a civil penalty of $50,000 without court action.
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