Pu is the sole director and shareholder of Triumpus and is charged with insider trading in shares of Sinomen Technology. He was the CFO of Sinomen when the activity took place.
According to MAS, Pu and Triumpus purchased 4,605,000 Sinomem shares between 2 March and 27 March 2009, when Pu possessed confidential, price-sensitive information concerning a proposed share buyback offer by Sinomem, which was subsequently announced on 27 March.
Pu and Triumpus made a profit of S$49,542 ($36,661) on these insider trades.
The same year, Pu and Triumpus sold 14,174,000 Sinomem shares between 25 August and 31 August, when Pu possessed knowledge of confidential, price-sensitive information on a proposed placement of shares by Sinomem, which was subsequently announced on 9 September. Pu and Triumpus did not make any profit or avoid any loss on these trades.
The MAS commenced a civil penalty action in the State Court of Singapore on 26 February 2015 against Pu and Triumpus for insider trading in Sinomem’s shares under the Securities and Futures Act.
Following admission to contravening sections, Pu and Triumpus will pay to the MAS a civil penalty of S$316,000, and S$61,610.75 for the legal costs and disbursements incurred by MAS for the civil penalty action.
In addition, Pu will not be a company director or be involved in the management of a company for a period of one year with effect from 3 July 2016.
