Carlyle fires Indonesia dealmaker fined for insider trading in Singapore
Monetary Authority of Singapore fined banker S$434,912
Private equity firm Carlyle Group fired its top dealmaker in Indonesia after the banker was fined by Singapore's financial regulator in an insider trading case, a source said on Thursday.
Jakarta-based Vincent Rajiv Louis, who joined Carlyle as Indonesia head in May 2013, was sacked on Wednesday after the private equity firm learned of the charges in Singapore, the source said.
A Carlyle spokeswoman in Hong Kong declined to comment. Rajiv did not respond to repeated calls and emails for comment on Thursday, a day after he said that he still worked for Carlyle Group.
The Monetary Authority of Singapore (MAS) said in a statement on Wednesday it had fined Rajiv, a former Indonesia investment banking head of UBS, S$434,912 (HK$2.45 million) in the 2012 insider trading case.
The MAS said Rajiv bought 1 million PT 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.
DBS announced the proposed acquisition in April 2012 and MAS said Rajiv made a profit of S$173,965 from his insider trades when he was with UBS. Due to regulatory issues, DBS subsequently pulled the plug on the Danamon deal.
