24 Jan '11, 3pm

[ST] 'Window dressing' is not tolerated: MAS

THE Monetary Authority of Singapore (MAS) said it will not tolerate 'window dressing' by fund managers to artificially inflate their performance. The regulator made the statement on Monday as it prepares to fight off an appeal by Pheim Asset Management and its founder Tan Chong Koay. Both were convicted in the High Court last year for rigging the price of United Envirotech (UET) shares. But they are appealing for the conviction to be overturned and will present their cases in the Court of Appeal in March. Bloomberg News reported on Monday that the MAS has filed its response to that appeal. The regulator said in the documents that 'window dressing' by fund managers should not be tolerated, and it is arguing that the appeals by Pheim and Dr Tan should be dismissed. 'The appellants and other fund managers in the market cannot be given cause to think that they can get away lig...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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