MAS took civil actions against employees of GIC

[zha]

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

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 ;(

So you think its unfair and that "it's just a slap on the wrist". Based on this why do you reckon that there's no double standard in convicting the 3 of them under civil suit instead of criminal sanction?

 

[snappist]

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 ;(

This is common in Singapore Inc.

Long live ***. Long Live the Familee.

 

[reachme2003]

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

the real financial losers are the buyers of those shares which GIC, through the 3 employees, disposed of while acting on non-public information.

 

[reachme2003]

i think, in this case, the employer, GIC has vicarious liability since the three employees were acting for and in the interest of their employer. I would say they were acting within proper authority eg. trading in japanese equities.

Besides, the loss avoided should have been donated to charities instead of 'donating' to MAS for the funding of educational efforts. You scratch my back, i scratch yours?

 

[reachme2003]

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.

more like you got carried away too.

 

[reachme2003]

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:

the fact is they had committed an offence of insider trading. avoidance of financial loss for govt or otherwise is irrelevant.

 

[Adam Goi]

Time to go back to photography people!

Thread is closed and let's move on!