Pheim Loses Appeal Against Market Manipulation Ruling

28 Jul 2011

In September 2010, the Singapore High Court ruled that Tan Chong Koay (“Tan”) and Pheim Asset Management Sdn Bhd (“Pheim Malaysia”) had contravened section 197(1)(b) of the Securities and Futures Act (“SFA”) by trading with the intention of creating a false or misleading appearance in the price of certain securities.

Tan and Pheim Malaysia were ordered by the Singapore High Court to each pay civil penalties of $250,000, and legal costs to the Monetary Authority of Singapore (“MAS”). Both Tan and Pheim Malaysia appealed against the High Court’s decision but were unsuccessful.

Drew & Napier’s Cavinder Bull, SC, Yarni Loi and Gerui Lim acted for MAS.

To read the case update, please click here.