Singapore MAS Fines ex-RHB Securities Singapore Head of Margin Tan Tee Beng $38,000 (S$50,000) for Insider Trading of Tee International & Tee Land in 2019, Used Non-Public Information for an Individual to Buy Shares in Tee International & Tee Land in 2019 October and Personally Bought 3 Million Shares in Tee International in 2019 December, Tee Land Sale was Announced in 2020 January
17th October | Hong Kong
The Monetary Authority of Singapore (MAS) has fined ex-RHB Securities Singapore Head of Margin Tan Tee Beng $38,000 (S$50,000) for insider trading of Tee International & Tee Land in 2019, using non-public information for an individual to buy shares in Tee International & Tee Land in 2019 October and personally bought 3 million shares in Tee International in 2019 December. Tee Land sale was announced in 2020 January. Announcement (15/10/25): “The Monetary Authority of Singapore (MAS) has imposed a civil penalty of S$50,000 on a 56-year-old-man, Tan Tee Beng (“Tan”), for insider trading in the shares of Tee International Limited (“Tee International”) and Tee Land Limited (“Tee Land”). This civil penalty follows a joint investigation by the CAD and the MAS. On 13 January 2020, Tee International announced that it had entered into a conditional sale and purchase agreement to sell its entire stake in its subsidiary, Tee Land to Amcorp Supreme Pte Ltd at S$0.179 per share. This sale price represented a premium of 9.1% over the closing price of Tee Land shares at S$0.164 on the previous trading day. At the material time, Tan was the Head of Margin at RHB Securities Singapore Pte Ltd (“RHB Securities”). In the course of his work, Tan came to know of Tee International’s impending sale of Tee Land and its intended sale price before this information was made public. Tan saw this corporate transaction as positive news and believed that the market would react positively to it. On 16 October 2019, he procured an individual to purchase shares in Tee International and Tee Land. On 11 and 13 December 2019, he personally purchased three million shares in Tee International. The Tee Land sale was eventually announced on 13 January 2020. Tan has admitted to contravening section 219(2)(a) and section 219(2)(b) of the Securities and Futures Act (Chapter 289, Revised Edition 2006) (“SFA”) and has paid MAS the civil penalty without court action. Tan has also given a voluntary undertaking not to be a company director or be involved in the management of a company for a period of two years.“ RHB Securities is no longer in operation.
“ Singapore MAS Fines ex-RHB Securities Singapore Head of Margin Tan Tee Beng $38,000 (S$50,000) for Insider Trading of Tee International & Tee Land in 2019, Used Non-Public Information for an Individual to Buy Shares in Tee International & Tee Land in 2019 October and Personally Bought 3 Million Shares in Tee International in 2019 December, Tee Land Sale was Announced in 2020 January “
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Singapore MAS Fines ex-RHB Securities Singapore Head of Margin Tan Tee Beng $38,000 (S$50,000) for Insider Trading of Tee International & Tee Land in 2019, Used Non-Public Information for an Individual to Buy Shares in Tee International & Tee Land in 2019 October and Personally Bought 3 Million Shares in Tee International in 2019 December, Tee Land Sale was Announced in 2020 January
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