- Allan Ng
Allan Ng Poh Meng (born in 1942) is a
Singaporean businessman. He was a deputy chairman of United Overseas Bankand the chairman of the Association of Banks in Singaporefrom 1983 to 1985. [cite news | title = A committee of businessmen and bankers has been set up by the Singapore government to oversee the next 10 years of economic development. | date = 16 April 1985| publisher = Textline Multiple Source Collection (1980-1994)] He stepped down as UOB's deputy chairman in December 1985. [cite news | title = Deputy Chairman To Leave United Overseas Bank / Singaporean bank to loose deputy chairman Ng | author = CHRIS SHERWELL | date = 30 July 1985| publisher = Financial TimesLondon | page = 23]
In 1988, he was charged with
insider tradingfor purchasing 1 million shares in Sealion Hotels, owner of Singapore's Grand Hyatt Hotel, (now First Capital) with prior knowledge that the company had asked the Singapore Stock Exchangefor the suspension of its shares to be lifted. [cite news | title = Allan Ng Faces Trial For Insider Trading | author = ROGER MATTHEWS | date = 11 January 1988| publisher = Financial Times London | page = 25] The Deputy Public Prosecutor in the trial was Glenn Knight. [cite news | title = DPP argues there is damning evidence Ng intended to profit from relisting information. | date = 9 March 1989| publisher = Business TimesSingapore | page = 13] Ng pleaded guilty after a trial that lasted 77 days, making it the longest trial in Singapore at that time. [cite news | title = Allan Ng pleads guilty to insider trading | author = Ben Davidson | date = 12 September 1989| publisher = The Straits Times] [cite news | title = FORMER SINGAPORE BANKER JAILED FOR INSIDER TRADING. | date = 16 September 1989| publisher = Reuters News] On 16 September 1989, Ng was sentenced to a year in jail, fined S$12,000 for violating the Securities Industry Act, and had his profit of S$50,000 from the transaction forfeited, marking the end of Singapore's first successful prosecution of an insider trading case. [cite news | title = Allan Ng gets a year's jail | author = Ben Davidson | date = 17 September 1989| publisher = The Straits Times] [cite news | title = Trials that rocked Singapore in the '80s | author = Ben Davidson | date = 2 January 1990| publisher = The Straits Times] Previous attempts to prosecute insider trading had resulted in acquittals over points of law or because of a lack of evidence. [cite news | title = Allan Ng's sentence a clear warning | author = Gerry de Silva | date = 7 November 1989| publisher = The Straits Times] However, the judge allowed the jail term to be deferred pending appeal, and it was changed to an additional S$50,000 fine in 1991. [cite news | title = High Court fines Allan Ng S$50,000 but quashes jail term. | date = 6 February 1991| publisher = Business Times Singapore | page = 1]
After his conviction, Ng moved to Vancouver, B.C. until 1994, when he moved to Hong Kong and took various senior positions with Kerry Properties, one of Hong Kong's largest property companies, controlled by the Kuok family of Malaysia, the owners of the Shangri-la hotel chain. In 1999, he left Kerry and started his own investment firm, Newmark Capital Corporation.
In 2000, Ng acquired an 11% stake in
CyberCity Holdings, the PRC-based company that started the Shenzhen CyberCityproject. This made him the second-largest shareholder in the company. [cite news | title = Allan Ng buys big CyberCity stake. | author = Quak Hiang Whai. | date = 7 April 2000| publisher = Business Times Singapore]
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