Sept. 10 (Bloomberg) -- A manager in Minmetals Resources Ltd.’s parent company was fined S$100,000 ($80,850) for breaching Singapore’s insider trading rules for trading in equities related to his company and Equinox Minerals Ltd.
Shi Jiangtao knew of non-public materially price-sensitive information of Hong Kong-listed Minmetal’s planned acquisition of Equinox and traded in so-called contracts for differences of the two firms, the Monetary Authority Singapore said in a statement today.
Equinox, the target of a C$7 ($7.16) a share bid by Minmetals, rose at least 29 percent on the Toronto and Australian stock exchanges after the proposed takeover offer, according to the statement. Minmetals, a unit of state-owned China Minmetals Corp. had its offer in April 2011 for the copper miner trumped by Toronto-based Barrick Gold Corp.
“This case demonstrates the resolve of MAS in pursuing insider trading perpetrators, including those residing overseas or who trade in over-the-counter” products, said Lee Chuan Teck, assistant managing director of capital markets at the regulator.
Shi’s trades were in his and his wife’s trading accounts at CMC Markets Singapore and were later canceled, the capital markets regulator said.
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