Ex-UBS managing director gets S$430,000 fine for insider trading
SINGAPORE — A former managing director of UBS Bank in Indonesia was ordered to pay more than S$430,000 in civil penalty for insider trading, the Monetary Authority of Singapore (MAS) said today (Oct 14).
Mr Vincent Rajiv Louis had used his wife’s bank account in Singapore to buy one million shares of PT Bank Danamon in 2012 after he got wind of a proposed acquisition of the firm by DBS Bank in the course of his work. He was then working in Indonesia as UBS Bank’s head of investment banking operations there.
Three days after he bought the shares, DBS announced the proposed acquisition of Danamon, netting Mr Rajiv 1,739,821,337 rupiah or S$177,600 from his insider trades.
In a statement today, the MAS said Mr Rajiv admitted to contravening the Securities and Futures Act and has paid the MAS a civil penalty of S$434,912 without court action.
MAS’ assistant managing director (capital markets) Lee Boon Ngiap described the central bank’s action against Mr Rajiv as “significant”.
“It reflects MAS’ firm resolve to act against anyone who contravenes our market conduct laws, whether he is based in Singapore or overseas,” Mr Lee added.
