Former director linked to CSE Global fined for insider trading of shares in 2011

SINGAPORE (Nov 30): A former director linked to CSE Global has been ordered to pay the Monetary Authority of Singapore (MAS) a civil penalty of $423,000 – in addition to a sum of $61,457.90 for the related legal fees incurred – for insider trading in the shares of the group’s shares in 2011.

Tarek Bary, whose full name is Tarek Abdel Tawab Mohamed Abdel Bary, served as the managing director of CSE Global’s wholly-owned subsidiary CSE-Transtel, which was formerly known as TransTel Engineering prior to its acquisition by CSE Global, at the time.

On 8 Aug 2011, he sold half a million of CSE Global shares prior to the announcement of the group’s 2Q11 results, knowing that the group would report a loss of $7 million, due to cost overruns, with the release of its results on Aug 11.

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