The Monetary Authority of Singapore (MAS) has taken civil penalty enforcement action against Mr Yap Sew for insider trading. Mr Yap has admitted to civil penalty liability and will pay a civil penalty of S$50,000 to MAS without court action.

See Hup Seng Limited ("SHS"), a company listed on the Singapore Exchange Securities Trading Ltd, announced on 25 July 2006 that it had entered into an agreement to acquire Speedo Corrosion Control Pte Ltd for a total consideration of S$3.5 million from CT Holdings Pte Ltd.

Between 21 and 24 July 2006, Mr Yap, a consultant of SHS at that time, purchased a total of 900, 000 SHS shares while he was in possession of non-public price sensitive information concerning the acquisition obtained by virtue of his position in SHS. As a result, he made a profit of about S$4,020.