MAS took civil actions against employees of GIC


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reachme2003

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MAS took civil actions against three employees of GIC for insider trading. can you believe it? If they were from non-govt related cos, CPIB would have investigated and they would be charged in court by the state. Penalties includes jail term not exceeding 7 years and/or fine. Ha, ha, ha!

Talking about the often quoted transparency and double standards!
 

zha

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#2
reachme2003 said:
MAS took civil actions against three employees of GIC for insider trading. can you believe it? If they were from non-govt related cos, CPIB would have investigated and they would be charged in court by the state. Penalties includes jail term not exceeding 7 years and/or fine. Ha, ha, ha!

Talking about the often quoted transparency and double standards!

Before long someone will write to Forum and question about the double standards too.

...
 

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adamadam said:
what is MAS, GIC and CPIB?
monetary authority of sing
CPIB is corrupt practices investiagation bureau..

GIC not sure
ghost in charge ? :p :bsmilie:
 

chaotic

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government of singapore investment corp

they help invest our money and hopefully make $. :)
 

reachme2003

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so as not to wash dirty linen in public? in a criminal case, the establishment including how and how much money are made or lost will become public knowledge.
 

therat

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reachme2003 said:
MAS took civil actions against three employees of GIC for insider trading. can you believe it? If they were from non-govt related cos, CPIB would have investigated and they would be charged in court by the state. Penalties includes jail term not exceeding 7 years and/or fine. Ha, ha, ha!

Talking about the often quoted transparency and double standards!

they say be'coz the 3 guys does not pocket the money...
they save the money for the governement...

but wondering the charge of $700,000++, does they have to come out their own money.. :think:
 

offspring

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therat said:
they say be'coz the 3 guys does not pocket the money...
they save the money for the governement...

but wondering the charge of $700,000++, does they have to come out their own money.. :think:
yes. the fines came from their own pocket.... which is only a small percentage of what they earn :bigeyes:
 

therat

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offspring said:
yes. the fines came from their own pocket.... which is only a small percentage of what they earn :bigeyes:
yeap!
may be their pay is $30k per mth... who's know :D
 

scanner

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therat said:
they say be'coz the 3 guys does not pocket the money...
they save the money for the governement...

but wondering the charge of $700,000++, does they have to come out their own money.. :think:
Ahem, I thought they saved their own money, not the government one. :think:
 

therat

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scanner said:
Ahem, I thought they saved their own money, not the government one. :think:
I don't think so...
What I remember, they heard some news abt one of the bank @ Japan. Then they sell off the share related to the bank or the bank share.
The share is belong to GIC.
This result is GIC saving of $700k..(somewhere around there)

Then the Japan inform Singapore that they guess insider trading.

Then MAS check check, then took civil actions against that 3 guys...
 

serene

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therat said:
I don't think so...
What I remember, they heard some news abt one of the bank @ Japan. Then they sell off the share related to the bank or the bank share.
The share is belong to GIC.
This result is GIC saving of $700k..(somewhere around there)

Then the Japan inform Singapore that they guess insider trading.

Then MAS check check, then took civil actions against that 3 guys...
They infringed the Securities and Futures Act under section on Insider Trading. The Act says that if the defendant is convicted of civil penalty (ie, payment to MAS), the criminal action (ie, court sanction) does not apply.
So, don't think there is a double standard. For those with lawyer friends, can check up the case laws in Singapore court as there are several cases in the past already. But I don't agree with the reporter statement that "they did not gain in the process' Either reporter is ignorant of crime of insider trading or trying to butter up. The SFA stated clearly that conviction is to be based on gain or avoidance of loss. The logic here is obvious.

Hope this helps :)
 

YoungPAP

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The 3 guys got too carried away. Forgive them for the momentarily lapse of judgement. No human life was lost.

More good years. More honest mistakes.

reachme2003 said:
MAS took civil actions against three employees of GIC for insider trading. can you believe it? If they were from non-govt related cos, CPIB would have investigated and they would be charged in court by the state. Penalties includes jail term not exceeding 7 years and/or fine. Ha, ha, ha!

Talking about the often quoted transparency and double standards!
 

serene

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I felt a bit troubled by the fact that the offenders are still working for GIC - what does this message convey to the citizens - it's just a slap on the wrist. They have committed a serious offence and as people in high positions, they should know the law. Yet, the break the law and keep their jobs - how unfair ;(
 

hongsien

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Thats why they have to pay from their own pockets lah! But this money goes to MAS, PLUS the same amount that the GIC pays MAS voluntarily (how good of them! Never heard before that someone pays up voluntarily??? while they know the fine was already paid.......)........so MAS in the end receives SGD 1.4 million! The losers in the end are the three employees and Sumitomo bank.............

Hong Sien
 

hongsien

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But money going from GIC (Government Investment Company) to MAS is like going from one pocket to another :).......both are government bodies....

Hong Sien
 

scanner

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serene said:
I felt a bit troubled by the fact that the offenders are still working for GIC - what does this message convey to the citizens - it's just a slap on the wrist. They have committed a serious offence and as people in high positions, they should know the law. Yet, the break the law and keep their jobs - how unfair ;(
Don't you know that there is a chinese saying Guan Guan Xiang Hu.
BTW, I'm not pin-pointing at the 3 of them. :D
 

serene

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scanner said:
Don't you know that there is a chinese saying Guan Guan Xiang Hu.
BTW, I'm not pin-pointing at the 3 of them. :D
Unless they admit remorse or GLC explains, everything shroud in secrecy is bound to be suspected especially wrongful acts. Especially people in responsible and high positions should know how to set a better example - Shang liang bu zhen xia liang wai - he he, not sure if pinyin is correct.
 

hongsien

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Hush! Hush!....we are not supposed to talk about it, but its good that the newspapers are writing about it.....

HS
 

zha

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#20
YoungPAP said:
The 3 guys got too carried away. Forgive them for the momentarily lapse of judgement. No human life was lost.

More good years. More honest mistakes.
You totally missed the point of this thread in the first place...
 

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