Sinwa chairman charged with insider trading
Published on Mar 28, 2012
The executive chairman of mainboard listed Sinwa, Sim Yong Teng, was charged on Wednesday with two counts of insider trading. -- PHOTO: SINWA
By Elena Chong
The executive chairman of mainboard listed Sinwa was charged on Wednesday with two counts of insider trading and 23 counts under the Companies Act.
Sim Yong Teng, 68, is alleged - on Jan 16, 2007 - to have sold 849,000 company shares through the trading account of one Ms Tan Leh Hong maintained with Phillip Securities while he had information that was not generally available.
He is also said to have had an interest in the purchase of 72,000 shares of the company in another securities trading account of Ms Tan when he was the beneficial owner, on June 23, 2006.
The purchase resulted in the change of the percentage level of his interest as a substantial shareholder in the voting shares of the company, and he had failed to notify Sinwa and the Singapore Exchange within two business days.
Read the full story in Wednesday's edition of The Straits Times.
