SINGAPORE: The Monetary Authority of Singapore has imposed a civil penalty of S$70,000 on businessman Tay Joo Heng for insider trading.
After the announcement, the trade of GHL shares rose dramatically, as 915,600 GHL shares changed hands the next trading day, marking a 58 per cent increase from the average daily traded volume the month before.Mr Tay, the sole shareholder and director of GSG Capital, had been approached by GHL as a potential buyer of GreatSolutions on Oct 2, 2019.
The statement says that Mr Tay has admitted to contravening the insider trading provision under section 219 of the Securities and Futures Act .
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