SINGAPORE : The Government of Singapore Investment Corp has
decided to suspend three employees involved in an insider trading
scandal.
Last month, GIC said it had fined three employees a total of
S$715,000 for insider trading.
They had used non-public information in February last year when
selling shares in Sumitomo Mitsui Financial Group, Japan's second
largest bank.
The GIC says it has since given further consideration to the matter
and decided to take further action.
The three employees have been suspended without pay for between
three and six months with effect from December 1.
They have also been relieved of their responsibilities for Japanese
financial markets. - CNA
