MAS Fines False Mandatory Disclosure on Listed Company

The Monetary Authority of Singapore (MAS) has imposed a civil penalty on listed company executive for not disclosing changes in, and providing false information regarding his shareholding in the listed company.

This is the first such action imposed by the Singapore’s monetary authority for breaches of shareholding disclosure requirements since the penalty regime tightened in November 2012.

MAS fined Mr Lim Soon Fang of SGD200,000 for not disclosing changes in, and providing false information regarding his shareholding in Catalist-listed Asia-Pacific Strategic Investments Limited (ASIL). 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 (SFA). A substantial shareholder is a person who owns 5% or more of the voting shares of a company.

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