Civil Penalty Enforcement Action For Insider Trading

Singapore, 19 May 2009...The Monetary Authority of Singapore (MAS) has taken civil penalty enforcement action against Ms Chua Yang Joo for insider trading under Section 218(2)(a) of the Securities and Futures Act (SFA).

2. Biosensors International Group Ltd (Biosensors), a company listed on the Singapore Exchange Securities Trading Ltd (SGX-ST), announced at mid day on 26 May 2006, that its financial results for financial year ended 2006 was a net loss of US$22.5 million. After the announcement, Biosensors' share price closed at $0.815, a 8.4% decrease over the mid day closing price of $0.89.

3. Ms Chua was the Company Secretary and Senior Vice President, Finance, of Biosensors at the material time.  On 25 April 2006, she sold 100,000 Biosensors shares while in possession of non-public price sensitive information relating to the 2006 financial results by virtue of her position in Biosensors. The trades were conducted prior to the blackout period imposed by Biosensors. As a result of the sale, she avoided a loss of S$38,500.

4. Ms Chua has admitted to civil penalty liability for contravening Section 218(2)(a) of the SFA and will pay a civil penalty of S$77,000 to MAS without court action.  Ms Chua has cooperated fully during the course of MAS’ investigation.

5. Mr Shane Tregillis, Deputy Managing Director, MAS, said, "The law prohibits dealing while in possession of non-public price sensitive information, regardless of whether the trades are conducted during or outside the blackout period. Accordingly, market participants should not trade at any time while in possession of such information."

Notes to Editor:

Insider Trading under section 218(2)(a) of the SFA

Section 218(2)(a) of the SFA prohibits a person who is in possession of material price sensitive information concerning a corporation (to which he is connected), which he knows is material price sensitive and not generally available, from subscribing for, purchasing, selling, or entering into an agreement to subscribe for, purchase or sell those securities of that corporation.

Blackout Period

The SGX Listing Rules state that a listed issuer and its officers "should not deal in the listed issuer’s securities during the period commencing two weeks before the announcement of the company financial statements for each of the first three quarters of its financial year and one month before the announcement of the company's full year financial statements (if required to announce quarterly financial statements), or one month before the announcement of the company's half year and full year financial statements (if not required to announce quarterly financial statements)". This is often referred to as the blackout period. In line with the Listing Rules, Biosensors required its officers not to trade in Biosensors securities during the period beginning one month before the release of the final-year financial results and ending on the date of release of the results itself.

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