Mr Sun Weiyeh, a former fund manager and director of One Asia Investment Partners (OAIP)
2 Mr Sun was charged on 22 October 2020
3 Mr Sun carried out his misconduct by first soliciting bids from various market participants via the Bloomberg chat messaging system. He then used lower bid prices as the reference prices to sell the two OTC bonds from Fund A to Fund B via pass-through trades through an intermediary, instead of selling the bonds to a market participant who had offered higher prices or using those higher prices as the reference prices for the pass-through trades.
4 Following a 26-day trial, the District Court found Mr Sun guilty of both charges. This case was jointly investigated by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department of the Singapore Police Force.
5 Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments and Financial Crime), MAS, said, “As a director and portfolio manager of the fund management company, Mr Sun owed a duty to its investors to act in their interest at all times. MAS will take to task persons who abuse their position in the financial sector for personal gain, to the detriment of investors.”
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[1] OAIP was a fund management company licensed by MAS under the SFA. MAS revoked OAIP’s license in April 2017 after it was issued with a winding up order by the High Court of Singapore [link].
[2] The related media release can be assessed at this link.
[3] MIEHOL 180206 Mie Holdings Corp 2013/2018 and MIEHOL 190425 Mie Holdings Corp 2014/2019.