Three Bankers Charged with Front Running
MAS has charged three bankers with front running stocks in trading incidents dating back to before financial crisis of 2008-2009. This marks the first criminal case in Singapore. Leong Chee Wai & Toh Chew Leong, dealers with First State Investments Singapore and E Seck Peng Simon, a dealer with UOB Kay Kian are charged with trading on information on available to the bank’s clients.
They were alleged to have traded based on information on the following securities. The men, who were traders at the time of the alleged offenses, traded in 100 stocks including DBS Group Holdings Ltd., Samsung Electronics Co. and Newcrest Mining Ltd., according to the charges.
News Source: Bloomberg
About United Overseas Bank
United Overseas Bank (UOB) was founded by Datuk Wee Kheng Chiang, incorporated on 6 August 1935 as the United Chinese Bank — the change of the name was effected in 1965. Today, the UOB Group has a network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America. UOB provides a wide range of financial services through its global network of branches, offices, subsidiaries and associates: personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, insurance and stockbroking services.
- Origin : Singapore
- Assets : $316 billion
- Revenue : $8.05 billion
- Employees : 26,166
Official Website: www.uobgroup.com
News & Media: Press Release
Updated on 8th August 2016