Allan Ng


Allan Ng

Allan Ng Poh Meng (born in 1942) is a Singaporean businessman. He was a deputy chairman of United Overseas Bank and the chairman of the Association of Banks in Singapore from 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 Times London | page = 23]

In 1988, he was charged with insider trading for 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 Exchange for 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 Times Singapore | 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 CyberCity project. 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]

References


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Allan — bezeichnet: Allan (Drôme), eine Gemeinde im französischen Département Drôme Allan (Saskatchewan), einen Ort in der kanadischen Provinz Saskatchewan Allan Water, Nebenfluss des Forth (Fluss) in Schottland den Unterlauf des Flusses Allaine Allan… …   Deutsch Wikipedia

  • Allan — can refer to:* Allan, Saskatchewan, Canada * Alan (Barbie doll) or Allan, Barbie s friend * Allan, a Clan Grant split (or sept) * Ahlawat or Allan, an ethnic clan in India * Allan, the Allaine s lower course, in France * Allan (film), a 1966 film …   Wikipedia

  • Allan — hace referencia a: Abreviatura botánica de Harry Howard Barton Allan. Edgar Allan García, poeta ecuatoriano. Edgar Allan Poe, escritor estadounidense. Ingeniero Allan, ciudad del Gran Buenos Aires, Argentina. Allan, comuna francesa en Drôme.… …   Wikipedia Español

  • Allan Wu — (zh sp|s=吴振天|p=Wú Zhèntiān, previously known as zh sp|s=吴振宇|p=Wú Zhènyù, born 11th June 1972) is a Singapore based Chinese American actor and MTV Asia VJ who is recognized by many people as the host of the Asian version of The Amazing Race .Wu… …   Wikipedia

  • Allan [1] — Allan, 1) Dav., englischer Maler, Schüler Fowlis zu Glasgow, ging später nach Rom; starb als Director der Kunstakademie in Edinburgh 1795. Werke: 4 Darstellungen aus dem römischen Carneval; Zeichnungen zu Alex. Campbells Introduction to the… …   Pierer's Universal-Lexikon

  • Allan [2] — Allan (spr. Allen), 2 Flüsse in Schottland, 1) Nebenfluß des Tweed; 2) Nebenfluß des Frith of Forth bei Stirling …   Pierer's Universal-Lexikon

  • Allan — Allan, 1) David, schott. Maler, geb. 13. Febr. 1744 in Alloa, gest. 6. Aug. 1796 in Edinburg, bildete sich auf der Kunstakademie zu Glasgow und ging 1764 nach Rom, wo er 1773 mit dem Bilde: der Ursprung der Malerei (jetzt in der Nationalgalerie… …   Meyers Großes Konversations-Lexikon

  • Allan — m Scottish and English: variant spelling of ALAN (SEE Alan) …   First names dictionary

  • Allan — Nom de personne anglais ou breton, rencontré également sous la forme Allen. Parmi les nombreuses hypothèses envisagées pour son origine (voir Alain), on privilégie le gaélique ailín (diminutif de ail = rocher). Variante bretonne : Alan (29) …   Noms de famille

  • Allan — [al′ən] n. a masculine name: see ALAN …   English World dictionary