01 Mar '11, 1pm

Ex-WBL exec loses insider trading appeal

THE Appeals Court has upheld a ruling against former WBL Corp top executive Kevin Lew who had earlier been found to have engaged in insider trading. The case was Singapore's first civil lawsuit for insider trading - where company insiders use material information not generally available to get an edge in trading shares. 'We agree with the judge,' said Chief Justice Chan Sek Keong, who was flanked by Judges of Appeal Andrew Phang and VK Rajah, as the panel dismissed Mr Lew's appeal against the finding. Mr Lew, formerly chief risk officer at WBL, had been ordered to pay a civil penalty of $67,500 last July after the High Court found that he had sold WBL shares based on inside information available to him as a senior executive. The insider trade was made in July 2007. It came after Mr Lew had attended a key meeting where he had learnt that WBL was forecast to incur a net loss...

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

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