The former Chief Executive Officer of Swiber Holdings, Yeo Chee Neng, has been convicted and fined $310,000 on Thursday (July 4) for four counts of offences under the Securities and Futures Act (SFA).
Yeo Chee Neng faced charges related to insider trading, false statements, and disclosure breaches.The former Chief Executive Officer of Swiber Holdings, Yeo Chee Neng, has been convicted and fined $310,000 on Thursday for four counts of offences under the Securities and Futures Act .
However, police investigations revealed the project was only in preliminary stages, and the announcement significantly overstated Swiber's business prospects.Yeo became Swiber's CEO and Group President in June 2016. In these roles, he knew about the company's financial troubles due to a slowdown in the oil and gas sector.
On June 29, 2016, she sold debentures worth $500,000, avoiding significant losses before Swiber's financial troubles became public.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former CEO of Swiber Holdings fined over false US$710 million project announcementSINGAPORE: The former chief executive officer of offshore gas and oil contractor Swiber Holdings was on Thursday (Jul 4) fined over a false announcement of a S$710 million (US$526 million) project it claimed to have secured.
Read more »
Chee Hong Tat on allocating part of GIC’s investments to locally listed companiesThe Government will continue to find ways to improve the attractiveness of the local equity market, but directing GIC to invest in locally listed companies is not the solution. Second Minister for Finance Chee Hong Tat said this in Parliament on Tuesday (Jul 2) in response to an MP’s question.
Read more »
Ministerial statement: Chee Hong Tat on Pasir Panjang Terminal oil spillIn Parliament on Tuesday (Jul 2), Transport Minister Chee Hong Tat delivered a ministerial statement on the oil spill at Pasir Panjang Terminal on June 14 which led to the closure of several public be
Read more »
Ministerial statement: Chee Hong Tat on Pasir Panjang Terminal oil spillIn Parliament on Tuesday (Jul 2), Transport Minister Chee Hong Tat delivered a ministerial statement on the oil spill at Pasir Panjang Terminal on June 14 which led to the closure of several public beaches across Singapore.
Read more »
Oil skimmers deployed on morning after spill due to difficulty locating oil patches: Chee Hong TatThundery showers on June 14 and oil slicks possibly going below the water's surface made detection harder.
Read more »
Investments from GIC 'not the solution' to shake up Singapore's stock market: Chee Hong Tat“Doing so will compromise our objectives of setting up GIC, which is not beneficial for Singapore and Singaporeans,” says Transport Minister and Second Minister for Finance Chee Hong Tat.
Read more »