MAS Fines Former RHB Executive for Insider Trading

The Monetary Authority of Singapore (MAS) has imposed a civil penalty of S$50,000 on 56-year-old Tan Tee Beng for insider trading involving shares of Tee International Limited and Tee Land Limited. The penalty follows a joint investigation conducted by MAS and the Commercial Affairs Department (CAD).

The case concerns Tan's role as Head of Margin at RHB Securities Singapore Pte Ltd. According to MAS, Tan became aware of Tee International's planned sale of its entire stake in Tee Land to Amcorp Supreme Pte Ltd at S$0.179 per share—a price representing a 9.1% premium over the previous day's closing price of S$0.164—before the information was made public.

Believing the news would positively affect the market, Tan arranged for an individual to buy shares in Tee International and Tee Land on 16 October 2019. He later personally purchased three million Tee International shares on 11 and 13 December 2019, ahead of the public announcement on 13 January 2020.

Tan admitted to contravening sections 219(2)(a) and 219(2)(b) of the Securities and Futures Act and has settled the civil penalty without court proceedings. In addition, he has voluntarily agreed not to act as a company director or take part in the management of a company for two years.

MAS stressed that prompt disclosure of insider information is crucial for maintaining market integrity. The regulator's enforcement action highlights the ongoing commitment to ensuring that licensed professionals uphold legal obligations and ethical standards in Singapore's financial markets.