MAS IMPOSES COMPOSITION AMOUNT OF $2,500 ON MR LIONEL LEE CHYE TEK  FOR FAILING TO NOTIFY THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS WITHIN STIPULATED TIMEFRAME

              


1       On 11 July 2011, Mr Lionel Lee Chye Tek ["Mr Lee"] paid a composition amount of $2,500 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 Lee was late in notifying SGX-ST of the change in his deemed shareholdings in Sim Siang Choon Ltd ["SSCL"] which took place on 27 August 2010.  Mr Lee was also late in notifying SSCL of the above-mentioned change.  As a result, SSCL was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3       Mr Lee was previously warned by the Authority in September 2009 for a contravention of section 137 of the SFA.


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