S'pore suspends staffers for insider trading<\/p>\n
A state investment agency managing Singapore's massive foreign
\nreserves has suspended three officers involved in an insider
\ntrading case in Japan.<\/p>\n
The suspensions without pay were in addition to fines
\ntotalling S$715,000 (US$436,000) earlier slapped on the three
\nstaffers of the Government of Singapore Investment Corp. (GIC).<\/p>\n
The GIC said in a statement issued late on Friday that the
\nsuspensions would last from three to six months, with effect from
\nDecember 1. The three have also been relieved of all
\nresponsibilities for Japanese financial markets.<\/p>\n
The suspensions were announced more than one month after the
\ncase was made public. The GIC, a highly secretive agency, manages
\nover $100 billion of the city-state's reserves.<\/p>\n
The fines imposed on the three GIC officers led by Lim Kee
\nChong, previously head of Japan equities, fell short of criminal
\naction.<\/p>\n
The case involved shares of Sumitomo Mitsui Financial Group
\nInc. *SMFG) listed on Japanese stock exchanges.<\/p>\n
The Monetary Authority of Singapore (MAS) launched an
\ninvestigation after being alerted by Japanese financial
\nwatchdogs.<\/p>\n
It found that in February 2003, the three GIC employees used
\n\"non-public material price sensitive information\" concerning a
\nproposed offering of convertible preferred shares by SMFG.<\/p>\n
SMFG share prices fell after the announcement of the proposed
\noffering and the sale of SMFG shares held by GIC resulted in
\ngains, through losses avoided, of about S$710,000 for the GIC,
\nthe MAS found.<\/p>\n
The gains were \"not retained by the GIC employees concerned,\"
\nthe MAS added.<\/p>\n
In addition to investing Singapore's vast foreign reserves in
\nfinancial markets, GIC also purchases prime real estate in
\nleading global capitals.<\/p>\n
The republic's other state investment arm is Temasek Holdings,
\nwhich controls companies like Singapore Airlines and Singapore
\nTelecommunications. -- AFP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/spore-suspends-staffers-for-insider-trading-1447893297",
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