Former Cosco Corp official fined for insider trading

SINGAPORE’S de facto central bank has fined the former financial controller of Cosco Corporation Singapore S$320,000 ($235,300) for insider trading.

The Monetary Authority of Singapore said in a statement that Teo Chuan Teck’s offences were related to purchases of securities of Cosco Corp on five occasions between 15 January and 31 July of last year.

Mr Teo was in possession of non-public, price sensitive information related to the securing of shipbuilding contracts by the Singapore-listed company and its financial results, MAS said.

Mr Teo stepped down from his financial controller post in March this year. The company said at that time that he had resigned for “personal reasons”.

The fine imposed by the MAS is a civil penalty that does not involve court action. MAS said Mr Teo cooperated fully during its investigation.

Cosco Corp is the shipbuilding and ship repair subsidiary of China’s largest shipping group, China Ocean Shipping (Group) Company.