BreadTalk manager fined for insider trading
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NBCB!!! TO THINK I TRUSTED THIS COMPANY AND THEIR HONEST BUSINESS!!! I THINK IM SELLING SHARES OFF IN THIS COMPANY TOMORROW!!!
SINGAPORE : A man who was a senior manager of fast-expanding Singapore-listed bakery franchiser BreadTalk has been fined for insider trading, the Monetary Authority of Singapore said on Tuesday.
Frankie Quek Swee Heng, BreadTalk's group general manager at the time of the offence in 2003, admitted to insider trading under the Securities and Futures Act and agreed to pay a penalty of $200,000 (US$123,000) without court action, the Monetary Authority of Singapore (MAS) said in a statement.
BreadTalk was incorporated in Singapore in 2003 and has since formed partnerships throughout Asia and the Middle East.
MAS said that on October 17, 2003, BreadTalk Ltd announced that its wholly-owned subsidiary BreadTalk Pte Ltd had signed a master franchise agreement with a firm in Kuwait.
Between October 8 and 13, 2003, Quek purchased about 600,000 BreadTalk shares and procured Lee Boon Hiok to purchase about 1.4 million shares, MAS said, without further identifying Lee.
"The purchases were made through a share trading account in Hong Kong maintained in the name of Ms Lee. At the time of the share purchases, Mr Quek and Ms Lee were in possession of non-public material price sensitive information concerning the franchise agreement," MAS said.
It said that as a result of their purchases, Quek made gains of about $35,000 and Lee made about $81,000.
Lee also admitted to contravening insider trading provisions and will pay a penalty of $105,000, MAS said.
Quek's higher penalty partly took into account that he obtained the inside information through his position at BreadTalk, it said.
MAS sought the assistance of Hong Kong's Securities and Futures Commission on the case which highlights the importance of international regulatory cooperation, said Shane Tregillis, MAS deputy managing director of market conduct.
"This enforcement action is a clear signal that MAS is prepared and able to pursue infractions of our securities law, even where perpetrators seek to avoid detection and enforcement by using trading accounts located overseas," he said.
BreadTalk officials could not be immediately reached for comment. - AFP/de -
I never knew there were actually people who invested in them.
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Their IPO was well received by the public. And their shares climbed above IPO price on the first day of trading.Originally posted by ditzy:I never knew there were actually people who invested in them. -
So all that is only on the first day of trading?Originally posted by shade343:Their IPO was well received by the public. And their shares climbed above IPO price on the first day of trading. -
something like that.Originally posted by ditzy:So all that is only on the first day of trading? -
Never trusted it since it start. It was a gut feeling never to do so. I guess I was right. Thankfully, my parents listened to me.
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oh, damn....But you do eat their stuff?Originally posted by ndmmxiaomayi:Never trusted it since it start. It was a gut feeling never to do so. I guess I was right. Thankfully, my parents listened to me. -
Originally posted by shade343:something like that.
no what......
second day also what -
No, I die die also won't eat. I prefer the neighbourhood bakeries.Originally posted by shade343:oh, damn....But you do eat their stuff?
Rotiboy also another shop I won't patron. The smell of their bread just turns me off. -
how come they are fined only?
Under the Act, they can be jailed. -
The Act also states that you can opt to pay a penalty to escape court action.Originally posted by browniebaobao:how come they are fined only?
Under the Act, they can be jailed. -
Another case of making you wonder why so many managerial position ppl
'eat' money. Ppl below work hard to feed family they work hard to increase their ill gotten wealth to feed their properties, houses, gerfrens, 2nd wives etc?
I neber respect managerial ppl cuz I always suspect where all their wealth came from. Call me sour grapes you want but I think some of their wealth are illegal. So much for their high position in company. In the end still same as normal criminal albeit a white collar crime criminal
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So you are insinuating the rich can get away with anything in Singapore lah.Originally posted by shade343:The Act also states that you can opt to pay a penalty to escape court action. -
implying that money can help him get away with the sentence?Originally posted by shade343:The Act also states that you can opt to pay a penalty to escape court action. -
Hey, I said that in the above post.Originally posted by browniebaobao:implying that money can help him get away with the sentence? -
YOu go and read the act yourself lor.Originally posted by charlize:So you are insinuating the rich can get away with anything in Singapore lah. -
You go and read the act yourself lor.Originally posted by browniebaobao:implying that money can help him get away with the sentence?