The former chief executive of collapsed offshore vessel operator Swiber Holdings has been fined SGD 310,000 ($230,000) over false contract claims and insider trading.

Yeo Chee Neng has been convicted of four counts of offences under the Securities and Futures Act, according to a police statement.

The penalties included a SGD 200,000 fine for getting his wife to sell their joint holdings in Swiber debentures while in possession of non-public and material information relating to Swiber’s financial difficulties.