The Singapore High Court has found former WBL Corporation chief financial officer Kevin Chee Fai Lew guilty of insider trading under the city's Securities and Futures Act SFA, the first such ruling under the law and a signal of tighter oversight of the region's corporate finance executives.
Lew, who was employed as both CFO and chief risk officer at WBL from 1998 to 2007, was convicted under the SFA's civil penalty regime of selling 90,000 shares in the company after becoming aware that it would report a third-quarter loss. He is now awaiting the court's sentence, which could include fines and court costs of up to three times Lew's profit from the...
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