Alan Tay Yeow Kee, a former CIMB Group Holdings Bhd. banker, admitted to insider trading on two stocks before the companies received takeover offers.
He bought shares in Qualitas Medical Group Ltd. and welding products supplier Leeden Ltd. in 2011 before the information he had was publicly available. CIMB was the financial adviser in both deals, prosecutor Joel Chen said in court. The companies were delisted from Singapore’s stock exchange after being acquired.
Tay has had to “shoulder the weight” of the investigation, his lawyer Hamidul Haq said in court. He is remorseful and is unemployed, Haq said.
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