Despite having signed a letter of confidentiality barring him from disclosing the existence of the acquisition to any third party, Shea told his sister and brother-in-law about Nippon’s interest in acquiring Dulux during a gathering on April 7, 2019.
After a discussion, Shae Hung Yee and her husband decided to purchase Dulux shares based on the information provided by Shae Toh Hock. Between April 19 and May 9 that year, Siew sold all the shares and the couple netted a profit of $75,224.36. While taking into account the trio’s early plea of guilt, the judge said it was important to deter insider trading offences.
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Nipsea SVP’s tip-off helps sister, brother-in-law net $75k on stocks; all fined for insider tradingThe couple bought 40,000 Dulux shares about a week before the firm was acquired by Nippon Paint. Read more at straitstimes.com.
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