THE Government yesterday signalled its determination to stamp out malpractice on the stock market by imposing almost $4 million in penalties on three people guilty of insider trading.
The Insider Dealing Tribunal, ruling on a case related to Public International Investments Limited (PIIL), concluded three people were guilty of insider trading and ordered each to pay the Government their profits from the dealing, plus fines and inquiry costs.
Don Lau Yuen-leung, Leong Kwok-nyem and his wife, Amy Foong Swe-heng, were fined a total of $3.88 million, five times the profits they derived by trading on privileged information.
Lau, a director of Nikko Securities (Asia) when it acted as adviser to PIIL's minority shareholders for a takeover bid, shouldered the heaviest penalty of $1.93 million.
Leong, a former director of JCG Holdings who played a direct role in PIIL affairs and was part of the team that advised its major shareholders on the takeover bid, and Foong were told to pay $1.95 million.
The tribunal also ruled that none of the three could be directors or take part in the management of any listed company for at least three years.