Private equity firm Carlyle Group LP fired its top dealmaker in Indonesia after the banker was fined by Singapore’s financial regulator in an insider trading case, a source with direct knowledge of the decision told Reuters 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, said the source, who declined to be named because the decision remained confidential.
A Carlyle spokeswoman in Hong Kong declined to comment. Rajiv did not respond to repeated calls and emails by Reuters 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 fined Rajiv, a former Indonesia investment banking head of UBS, S$434,912 ($313,857) 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.
The MAS said Rajiv admitted breaking the securities law and paid MAS the civil penalty without court action.