Monetary Authority of Singapore Annual Report 2010/2011
Our Work

Conclusion of First Two Civil Penalty Cases

In 2010, MAS saw the conclusion of its first two civil penalty trials. On 27 May 2010, the High Court found that the former Chief Risk and Financial Officer of a Singapore-listed company contravened the insider trading prohibition in the Securities and Futures Act and, on 26 July 2010, ordered that he pay a civil penalty of $67,500 and legal costs to MAS. On 1 March 2011 the Court of Appeal fully dismissed the defendant's appeal against the High Court's decisions.

Separately, on 17 September 2010, the High Court ordered a Malaysian fund manager and its Chief Executive Officer to each pay a civil penalty of $250,000 to MAS for trading with the intention of creating a false or misleading appearance in the price of shares of a Singapore-listed company. The appeal by the defendants in this case was heard by the Court of Appeal on 14 March 2011 and the verdict has yet to be released at the time of printing of this report.