Ex-CIMB banker admits insider trades in Singapore takeovers

 

SINGAPORE (May 26): Alan Tay Yeow Kee, a former CIMB Group Holdings Bhd. banker, admitted to insider trading on two stocks before the companies received takeover offers.

Tay, 41, pleaded guilty to trading on price-sensitive information in a Singapore State Court on Friday and was fined $180,000. He bought shares in Qualitas Medical Group Ltd. and welding products supplier Leeden Ltd. in 2011 before the information he had was publicly available. CIMB was the financial adviser in both deals, prosecutor Joel Chen said in court. The companies were delisted from Singapore’s stock exchange after being acquired.

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