Fund manager sued by MAS fails to overturn ruling

Tan Chong Koay and Pheim Asset Management Sdn have no other choice but pay $207,000 each.

A Bloomberg report said, “The Monetary Authority of Singapore, which sued Tan and his asset manager Pheim, said the fund manager intended to create a “false and misleading appearance” in the city’s stock market by buying shares of United Envirotech Ltd. in the last three trading days of 2004.”

The report added that MAS, which has tightened the rules for financial misconduct after the global credit crisis in 2008, has said it won’t tolerate “window dressing”.

The case is Singapore’s first civil lawsuit for market manipulation.

View the report here.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!