Singapore. Singapore’s financial regulator says it has fined a former Indonesia investment banking head of UBS S$434,912 ($313,857) in a 2012 insider trading case.

The Monetary Authority of Singapore said in a statement on Wednesday that Jakarta-based Vincent Rajiv Louis bought 1 million Bank Danamon shares in March 2012 through his wife’s bank account in Singapore after he possessed price-sensitive and non-public information on a proposed acquisition of Danamon by Singapore’s DBS Bank in the course of his work.

DBS announced the proposed acquisition in April 2012 and MAS said Rajiv made a profit of $173,965 from his insider trades when he was with UBS. Due to regulatory issues, DBS subsequently pulled the plug on the Danamon deal.

The MAS said Rajiv admitted breaking the securities law and paid MAS the civil penalty without court action.

When contacted by Reuters, Rajiv declined to comment on the MAS statement but said he currently worked for private equity firm Carlyle Group, which he joined in May 2013 as the Indonesia head.

Reuters