Singapore, 29 April 2015 – The Monetary Authority of Singapore (MAS) has imposed civil penalties on Mr Lim Oon Cheng and his niece, Ms Lim Huey Yih, for contraventions under the Securities and Futures Act (SFA). Both Mr Lim and Ms Lim have admitted to committing insider trading. Mr Lim has also admitted to false trading.

Between 15 and 22 May 2009, Mr Lim purchased 2.27 million shares in Singapore Petroleum Company Limited (SPC) and 101,000 shares in Keppel Corporation Limited (KCL) while in possession of price-sensitive and non-public information relating to PetroChina International (Singapore) Pte Ltd’s (PIPL) acquisition of SPC shares from KCL (the Share Acquisition) and PIPL’s mandatory general offer for SPC shares (the Mandatory General Offer). Ms Lim purchased 892,000 shares in SPC over the same period while also in possession of this pricesensitive and non-public information. The Share Acquisition and the Mandatory General Offer were subsequently announced on 24 May 2009.

In addition Mr Lim entered an order on 19 May 2009 to sell 300,000 shares in SPC at the intra-day high of $4.39 without any intention to fulfill the order. This created a false and misleading appearance in the market for SPC shares.

Mr Lim and his niece then made a profit of $3,818,853 and $896,340 respectively from their insider trading activities.

Mr Lim has admitted to contravening s 219(2)(a) of the SFA for insider trading and s 197(1)(b) of the SFA for false trading and he has agreed to pay a civil penalty of $9.597 million (comprising $9.547 million for insider trading and $50,000 for false trading).

Ms Lim has admitted to her contravention of s 219(2)(a) of the SFA for insider trading and she has agreed to pay a civil penalty of $2.241 million.

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