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Singapore court fines former banker over insider trading

A Singapore State Court fined a former banker of CIMB Group Holdings Bhd. S$180,000 after he pleaded guilty to trading on price-sensitive information, Bloomberg News reported May 26.

Alan Tay Yeow Kee pleaded guilty to buying shares of Qualitas Medical Group Ltd. and Leeden Ltd. before information about the sale of the companies, which he was aware of, was made public. Tay was also accused of encouraging a former schoolmate, Cheng Hong Wee Eddy, to buy the stocks. The charges against Cheng were dropped.

The two split profits of about $60,000, the news outlet reported.

Tay was an associate director in the corporate client solutions department of CIMB Group. The bank acted as the adviser in the Qualitas Medical and Leeden deals.

As of May 25, US$1 was equivalent to S$1.38.