Carlyle Group Fires Indonesian Office Chief for Insider Trading

16 October 2015 12:00 WIB

Carlyle Group Pecat Kepala Perwakilan Indonesia

TEMPO.CO, Jakarta - Private equity firm Carlyle Group LP fired its dealmaker in Indonesia, Vincent Rajiv Louis. Rajiv was dismissed from his job after Singapore's financial authority (MAS) revealed his part in an in insider trading case, Reuters reported on Thursday, October 15.

Rajiv joined Carlyle as the Indonesia office head in May 2013 and based in Jakarta since. He was sacked on Wednesday MAS announced they have fined him Sin$434,000 for practicing insider trading in 2012 for the shares of PT Bank Danamon Tbk (BDMN). At that time, Rajiv was the investment banking head of UBS Indonesia.

MAS said Rajiv bought one million of Bank Danamon shares in March 2012 using his wife's Singapore bank account. He did that after gaining non-public information about DBS Singapore's plan to acquire Danamon.

DBS made the information public a month later. The inside trading act gave Rajiv a profit of Sin$173,900.

MAS said Rajiv had claimed guilty of breaking the law and will pay the civil penalty without going through court.

REUTERS | THE STRAIT TIMES | RR

Financial Industry

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