Fund manager sued by MAS fails to overturn ruling

Tan Chong Koay and Pheim Asset Management Sdn have no other choice but pay $207,000 each.

A Bloomberg report said, “The Monetary Authority of Singapore, which sued Tan and his asset manager Pheim, said the fund manager intended to create a “false and misleading appearance” in the city’s stock market by buying shares of United Envirotech Ltd. in the last three trading days of 2004.”

The report added that MAS, which has tightened the rules for financial misconduct after the global credit crisis in 2008, has said it won’t tolerate “window dressing”.

The case is Singapore’s first civil lawsuit for market manipulation.

View the report here.

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