MAS fines doctor $120,000 for insider trading

The case involved purchases of Singapore Medical Group shares before its privatisation offer was announced.

The Monetary Authority of Singapore has imposed a $120,000 civil penalty on Dr Chua Han Boon Kenneth for insider trading in shares of Singapore Medical Group Limited.

Before the company announced a voluntary conditional general offer from TLW Success to privatise it, Chua was informed of the plan and asked to sign an irrevocable undertaking supporting the offer.

Whilst possessing the non-public, materially price-sensitive information, he bought 210,000 Singapore Medical Group shares on 6 and 7 September 2022 for a total of $67,200.

Chua admitted breaching Section 218(2)(a) of the Securities and Futures Act and paid the penalty without court proceedings.

He also gave a voluntary undertaking not to serve as a company director or participate in company management for two years.

The enforcement action followed a joint investigation by MAS and the Commercial Affairs Department after a referral from Singapore Exchange Regulation.

MAS said the action was taken under the civil penalty regime and did not involve criminal sanctions.

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