What specific actions led to the prohibition order against the former CIMB VP?

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Prohibition Order Against Former CIMB VP Stemmed from Insider Trading Activities

A five-year prohibition order was issued against Alan Tay Yeow Kee, a former vice president at CIMB Bank Bhd, due to his engagement in insider trading. The order, effective from July 30, 2018, was imposed by the Monetary Authority of Singapore and stemmed from Tay's illicit use of non-public, price-sensitive information to profit from share transactions. This action by the Monetary Authority of Singapore highlights the serious consequences of such financial misconduct.
Purchase of Shares Using Privileged Information

In 2011, Alan Tay Yeow Kee orchestrated the purchase of shares in Qualitas Medical Group Limited and Leeden Limited through another individual. At the time of these transactions, Tay was in possession of confidential information indicating that both companies had received takeover offers. This privileged information was acquired through his professional capacity at CIMB, where he served from November 2010 to November 2016.
Profit from Non-Public Information

Following the official announcement of the takeover offers for Qualitas Medical Group Limited and Leeden Limited, the market value of their shares experienced an increase. Tay leveraged the non-public information he possessed to secure approximately S$30,000 (RM89,386) in profit from the shares he had acquired. This profit was directly attributable to his exploitation of insider knowledge.
Conviction and Sentencing for Securities Offences

In May 2017, Tay was found guilty on three charges related to insider trading, specifically under section 219(2)(b) of the Securities and Futures Act. While three additional charges were considered during the sentencing phase, he ultimately faced a fine of S$180,000 (RM536,292) for his offences. This conviction and subsequent penalty underscore the legal ramifications of engaging in insider trading activities.

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What specific actions led to the prohibition order against the former CIMB VP?

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