SINGAPORE: The former chief executive officer of offshore gas and oil contractor Swiber Holdings was on Thursday (Jul 4) fined over a false announcement of a S$710 million (US$526 million) project it claimed to have secured.
SINGAPORE: The former chief executive officer of offshore gas and oil contractor Swiber Holdings was on Thursday fined over a false announcement of a S$710 million project it claimed to have secured.
However, investigations revealed that Swiber's subsidiary had only entered into a letter of intent to provide some services. He was given non-public information relating to Swiber's financial difficulties, due to a slowdown in the oil and gas sector in early 2016. On Jun 29, 2016, Yeo knew that Swiber had not secured the funds and this information would have an impact on the companies' securities.
On top of the sale on Jul 5, 2016, Yeo's wife also sold Swiber debentures held in their joint account with a face value of S$500,000 between Jun 28 and Jun 29 that year. She sold a further S$250,000 on Jul 12, 2016.
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