Civil Action against Market Manipulators
The SC, on 9 April 2008, filed a civil action against 8 foreign and 2 local defendants, seeking the following :
- Declaration that all the defendants conspired to manipulate the market and the share price of Iris, and defrauded investors;
- Declaration that all profits earned by the defendants are held in constructive trust for the affected investorsâ€™ benefit;
- Orders that all the assets and properties of each defendant be paid to SC after being traced and followed in order to compensate the affected investors;
- Permanent injunction restraining the defendants from trading in said shares;
- Permanent injunction restraining the defendants from trading in any counter on Bursa Malaysia or Mesdaq; and
- General and exemplary damages.