Former Swiber CEO Yeo Chee Neng fined $310k over insider trading and false statements
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The former Chief Executive Officer of Swiber Holdings, Yeo Chee Neng, has been convicted and fined $310,000 on Thursday (July 4) for four counts of offences under the Securities and Futures Act (SFA). The 51-year-old, who held the roles of Group PresidentFormer Swiber CEO Yeo Chee Neng fined $310k over insider trading and false statements
The former Chief Executive Officer of Swiber Holdings, Yeo Chee Neng, has been convicted and fined $310,000 on Thursday (July 4) for four counts of offences under the Securities and Futures Act (SFA). The 51-year-old, who held the roles of Group President and executive director, faced charges related to insider trading, false statements, and disclosure breaches. Why this matters This case highlights the critical importance of corporate transparency and accountability, particularly for young professionals entering the business world. What happened Swiber Holdings, an offshore oil and gas company, announced in 2014 that it had secured a US$710 million (S$958 million) project in West Africa. However, police investigations revealed the project was only in preliminary stages, and the announcement significantly overstated Swiber's business prospects. Insider trading explained Yeo became Swiber's CEO and Group President in June 2016. In these roles, he knew about the company's financial troubles due to a slowdown in the oil and gas sector. Read more