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Investor fined $200,000 by MAS in first civil penalty for not disclosing shareholding interests, Companies & Markets News & Top Stories

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SINGAPORE – The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $200,000 on Mr Lim Soon Fang for not disclosing changes in, and providing false information regarding his shareholding in Catalist-listed Asia-Pacific Strategic Investments Limited (ASIL).

MAS said this is the first such action for breaches of shareholding disclosure requirements under Part VII of the Securities and Futures Act since the civil penalty regime was tightened in November 2012, it said in a media release on Friday (Jan 17).

Mr Lim became a substantial shareholder of the ASIL in October 2013 and traded actively in its shares between October 2013 and October 2014, resulting in changes in his interests in the company that were required to be disclosed under the Securities and Futures Act.

ASIL changed its name to China Real Estate Grp Ltd in August 2018.

Mr Lim’s trades had on multiple occasions also led to him ceasing to be or becoming a substantial shareholder of ASIL, which are events that must be disclosed, MAS said.

Mr Lim also provided false information to the company regarding his transaction volume in ASIL shares and his shareholding in the company on three occasions.

He has admitted that he had been reckless in breaching his disclosure obligations under the Securities and Futures Act and in furnishing false information regarding his shareholding in ASIL to the company.

The civil penalty regime is designed to complement criminal sanctions and became operational at the start of 2004.

It was expanded to include disclosure of interest breaches in November 2012 to allow MAS to take action against flagrant breaches of the disclosure requirements.



Straitstimes News

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