Deal making remisier Wong Teck Kui fined, banned for insider trading
The Monetary Authority of Singapore (MAS) has fined
dealmaker Wong Teck Kui S$110,000 and issued him with a two-year ban on
regulated securities and futures activities for insider trading of Time Watch
Investments (TWI) shares.
Comments
Kenneth Lim
26 January 2016
The Monetary Authority of Singapore (MAS) has fined dealmaker Wong Teck Kui S$110,000 and issued him with a two-year ban on regulated securities and futures activities for insider trading of Time Watch Investments (TWI) shares.
Mr. Wong, who is a remisier at UOB Kay Hian, has admitted to breaking the law, MAS said.
He bought 1.3 million shares of TWI on Jan 17 and Jan 18, 2011 through accounts held by his wife, sister and mother while he knew of an as-yet undisclosed proposed voluntary delisting and exit offer for TWI, MAS said. On Jan 19, Red Rewarding offered to delist TWI and buy out its minority shareholders for 27 Singapore cents per share, a 15 per cent premium to TWI's last traded price before the announcement.
MAS said that Mr. Wong made a profit of S$43,636 from his trades.
Mr. Wong was one of Singapore's biggest remisiers in the 1990s, and even held the title of the largest payer of personal income tax at one point. But he eventually became known as an adept overhauler of businesses who had a hand in the restructuring of Mayfran International, Poh Lian and Chew Eu Hock.
He was chairman of construction firm Wee Poh Holdings before it became TWI. His role at the company made headlines in 2003 and 2004 when he led a contentious restructuring and helped to complete a reverse takeover that turned Wee Poh into a watch company. He stepped down as chairman of Wee Poh in 2005.
The sanctions handed down by MAS are civil penalties, and are not considered criminal penalties.
Mr. Wong could have been fined up to three times his profit, or S$130,908, under the current stipulations of the law.
TWI is currently listed in Hong Kong.