TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issue manager
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AsiaOne
19 March 2015
The Monetary Authority of Singapore (MAS) said on Thursday it has taken civil penalty action against former UOB Kay Hian remisier Tan Hua Ann for false trading.
Mr Tan had entered a false sell order on Oct 20, 2011, to create a false appearance in the indicative opening price for an exchange-traded fund, Lyxor UCITS ETF MSCI AC Asia Ex Japan, during the pre-open phase, a move that netted him $62,723 in personal gains.
MAS said Mr Tan had cooperated fully during the investigation and admitted to contravening Section 197(1)(b) of the Securities and Futures Act (SFA).
He paid MAS a civil penalty of $157,000 without court action. MAS has also issued a prohibition order to Mr Tan, preventing him from conducting business in any regulated activity under the SFA or acting as a representative in respect.
He will also not be allowed to take part in the management of any holder of a capital market services licence or any person exempt from holding a capital market services licence under section 99(1) of the SFA in Singapore, for a period of two years.
“MAS will take firm action against any form of false trading or manipulation as such actions affect investors’ confidence in the market,” said Lee Boon Ngiap, assistant managing director (capital markets) at MAS, in a statement.
“When a licensed person knowingly commits such misconduct, MAS will not hesitate to prohibit such person from carrying out regulated activities for an appropriate period to deter such conduct and protect the investing public.”