MAS IMPOSES COMPOSITION AMOUNT OF $7,500 ON MR ALEXANDER ABRAMOV FOR FAILING TO NOTIFY THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS WITHIN STIPULATED TIMEFRAME

               


1       On 26 July 2011, Mr Alexander Abramov ["Mr Abramov"] paid a composition amount of $7,500 for contravening section 137 of the Securities and Futures Act ["SFA"] which requires substantial shareholders of listed companies to notify the securities exchange of changes in their shareholdings.

2       Mr Abramov failed to notify SGX-ST of the changes in his deemed shareholdings in Delong Holdings Ltd ["Delong"] which took place on 18 February 2008 and 4 December 2009.  Mr Abramov also failed to notify Delong of the above-mentioned changes.  As a result, Delong was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.


Substantial shareholders are required to notify the securities exchange of changes in their shareholdings in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.

Last Modified on 26/11/2016