Regulatory Settlements in 2017

Regulatory Settlement with Tan Shao Wei
On 19 December 2017, Tan Shao Wei (“Shao Wei”) entered into a settlement with the SC in the sum of RM112,420.00 when she agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against her for communicating inside information contrary to section 188(3) of the Capital Market and Services Act 2007 (“CMSA”) to her husband, Tom Tan Chee Kwong (“Tom”) and her brother, Tan Eng Kean (“Tan”), both of whom had thereafter respectively acquired 4,000 and 5,000 shares in PacificMas Berhad (“PacMas”) on 4 January 2008. The sum of RM112,420.00 consists of a disgorgement equivalent to 3 times the difference between the price at which Tom and Tan had acquired the shares and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available and a civil penalty of RM100,000 which was imposed by the SC. The inside information was in relation to a proposed conditional take-over offer by OSPL Holdings Sdn Bhd (“OSPL”) to acquire all the voting shares in PacMas not already owned by OSPL which was announced on 4 January 2008. At the material time, Shao Wei was an employee of CIMB Investment Bank Berhad. The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Tan Shao Wei

On 19 December 2017, Tan Shao Wei (“Shao Wei”) entered into a settlement with the SC in the sum of RM112,420.00 when she agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against her for communicating inside information contrary to section 188(3) of the Capital Market and Services Act 2007 (“CMSA”) to her husband, Tom Tan Chee Kwong (“Tom”) and her brother, Tan Eng Kean (“Tan”), both of whom had thereafter respectively acquired 4,000 and 5,000 shares in PacificMas Berhad (“PacMas”) on 4 January 2008. The sum of RM112,420.00 consists of a disgorgement equivalent to 3 times the difference between the price at which Tom and Tan had acquired the shares and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available and a civil penalty of RM100,000 which was imposed by the SC.

The inside information was in relation to a proposed conditional take-over offer by OSPL Holdings Sdn Bhd (“OSPL”) to acquire all the voting shares in PacMas not already owned by OSPL which was announced on 4 January 2008. At the material time, Shao Wei was an employee of CIMB Investment Bank Berhad.

The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Soon Leh Hong
On 21 August 2017, Soon Leh Hong (“Soon LH”) entered into a settlement with the SC in the sum of RM41,744 when she agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against her for communicating inside information contrary to section 188(3) of the Capital Markets and Services Act 2007 (“CMSA”) to her brother, Soon Koon Cheng (“Soon KC”). The inside information was in relation to M3nergy Berhad’s (“M3nergy”) receipt of a Notice of Conditional Voluntary Take-Over Offer from Melewar Equities (BVI) Ltd which was announced to Bursa Malaysia on 12 September 2008. Soon KC had acquired 80,000 M3nergy shares in his own account on the same date prior to the announcement. At the material time, Soon LH was the Group Chief Financial Officer of Melewar Industrial Group Berhad. The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The amount disgorged from Soon LH is equivalent to two times the difference between the price at which Soon KC acquired the shares and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Soon Leh Hong

On 21 August 2017, Soon Leh Hong (“Soon LH”) entered into a settlement with the SC in the sum of RM41,744 when she agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against her for communicating inside information contrary to section 188(3) of the Capital Markets and Services Act 2007 (“CMSA”) to her brother, Soon Koon Cheng (“Soon KC”). The inside information was in relation to M3nergy Berhad’s (“M3nergy”) receipt of a Notice of Conditional Voluntary Take-Over Offer from Melewar Equities (BVI) Ltd which was announced to Bursa Malaysia on 12 September 2008. Soon KC had acquired 80,000 M3nergy shares in his own account on the same date prior to the announcement. At the material time, Soon LH was the Group Chief Financial Officer of Melewar Industrial Group Berhad. The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The amount disgorged from Soon LH is equivalent to two times the difference between the price at which Soon KC acquired the shares and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Soon Koon Cheng
On 21 August 2017, Soon Koon Cheng (“Soon KC”) entered into a settlement with the SC in the sum of RM41,744 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for acquiring M3nergy Berhad (“M3nergy”) shares while in possession of inside information, contrary to section 188(2) of Capital Market and Services Act 2007 (“CMSA”) . The inside information was in relation to M3nergy Berhad’s (“M3nergy”) receipt of a Notice of Conditional Voluntary Take-Over Offer from Melewar Equities (BVI) Ltd which was announced to Bursa Malaysia on 12 September 2008. Soon KC had acquired 80,000 M3nergy shares in his own account on 12 September 2008, prior to the announcement. The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The amount disgorged from Soon KC is equivalent to two times the difference between the price at which the shares were acquired and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Soon Koon Cheng

On 21 August 2017, Soon Koon Cheng (“Soon KC”) entered into a settlement with the SC in the sum of RM41,744 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for acquiring M3nergy Berhad (“M3nergy”) shares while in possession of inside information, contrary to section 188(2) of Capital Market and Services Act 2007 (“CMSA”) . The inside information was in relation to M3nergy Berhad’s (“M3nergy”) receipt of a Notice of Conditional Voluntary Take-Over Offer from Melewar Equities (BVI) Ltd which was announced to Bursa Malaysia on 12 September 2008. Soon KC had acquired 80,000 M3nergy shares in his own account on 12 September 2008, prior to the announcement. The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The amount disgorged from Soon KC is equivalent to two times the difference between the price at which the shares were acquired and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Lee Tian Wah @ Lim Siew Wah
On 30 June 2017, Lee Tian Wah @ Lim Siew Wah entered into a settlement with the SC in the sum of RM215,890 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for insider trading in the shares of APL Industries Bhd (“APLI”) in his wife, Lai Moi’s account and his own account, on 30 and 31 October 2007, contrary to section 188(2) of Capital Market and Services Act 2007 (“CMSA”). The inside information was in relation to the audit adjustments proposed by APLI’s auditor which would result in APLI reporting a higher loss for the financial year ended 30 June 2007 as compared to the previously reported unaudited 4th quarter results for the same financial year, and that APLI would be classified as an affected issuer pursuant to the Listing Requirements of Bursa Malaysia Securities Berhad and Practice Note 17/2005, which was announced on 31.10.2007. The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws, where the sum Lee was required to disgorge was equivalent to two times the difference between the price at which the shares were disposed and the price at which the shares would have been likely to have been disposed at the time of the disposal, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Lee Tian Wah @ Lim Siew Wah

On 30 June 2017, Lee Tian Wah @ Lim Siew Wah entered into a settlement with the SC in the sum of RM215,890 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for insider trading in the shares of APL Industries Bhd (“APLI”) in his wife, Lai Moi’s account and his own account, on 30 and 31 October 2007, contrary to section 188(2) of Capital Market and Services Act 2007 (“CMSA”). The inside information was in relation to the audit adjustments proposed by APLI’s auditor which would result in APLI reporting a higher loss for the financial year ended 30 June 2007 as compared to the previously reported unaudited 4th quarter results for the same financial year, and that APLI would be classified as an affected issuer pursuant to the Listing Requirements of Bursa Malaysia Securities Berhad and Practice Note 17/2005, which was announced on 31.10.2007. The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws, where the sum Lee was required to disgorge was equivalent to two times the difference between the price at which the shares were disposed and the price at which the shares would have been likely to have been disposed at the time of the disposal, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Lim Lee Kuan
On 30 June 2017, Lim Lee Kuan entered into a settlement with the SC in the sum of RM323,835 when she agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against her for communicating inside information contrary to section 188(3) of Capital Market and Services Act 2007 (“CMSA”) to his father, Lee Tian Wah @ Lim Siew Wah, who then traded in the shares of APL Industries Bhd (“APLI”) in his wife, Lai Moi’s account and his own account, on 30 and 31 October 2007. The inside information was in relation to the audit adjustments proposed by APLI’s auditor which would result in APLI reporting a higher loss for the financial year ended 30 June 2007 as compared to the previously reported unaudited 4th quarter results for the same financial year, and that APLI would be classified as an affected issuer pursuant to the Listing Requirements of Bursa Malaysia Securities Berhad and Practice Note 17/2005, which was announced on 31.10.2007. Lim at the material time was a company secretary of APLI. The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws, where the sum Lim was required to disgorge was equivalent to 3 times the difference between the price at which Lee disposed the shares and the price at which the shares would have been likely to have been disposed at the time of the disposal, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Lim Lee Kuan

On 30 June 2017, Lim Lee Kuan entered into a settlement with the SC in the sum of RM323,835 when she agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against her for communicating inside information contrary to section 188(3) of Capital Market and Services Act 2007 (“CMSA”) to his father, Lee Tian Wah @ Lim Siew Wah, who then traded in the shares of APL Industries Bhd (“APLI”) in his wife, Lai Moi’s account and his own account, on 30 and 31 October 2007. The inside information was in relation to the audit adjustments proposed by APLI’s auditor which would result in APLI reporting a higher loss for the financial year ended 30 June 2007 as compared to the previously reported unaudited 4th quarter results for the same financial year, and that APLI would be classified as an affected issuer pursuant to the Listing Requirements of Bursa Malaysia Securities Berhad and Practice Note 17/2005, which was announced on 31.10.2007. Lim at the material time was a company secretary of APLI. The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws, where the sum Lim was required to disgorge was equivalent to 3 times the difference between the price at which Lee disposed the shares and the price at which the shares would have been likely to have been disposed at the time of the disposal, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Yeoh Soo Ann and Chua Choon Chai
On 11 May 2017, Yeoh Soo Ann entered into a settlement with the SC in the sum of RM78,000.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for communicating inside information contrary to section 188(3) of Capital Market and Services Act 2007 (“CMSA”) to one Chua Choon Chai, who then traded in the shares of GW Plastics Holding Berhad (“GW Plastics”) between 25 September 2012 and 28 September 2012. The inside information was in relation to a Share Sale Agreement (“SSA”) between GW Plastics and Scientex Packaging Film Sdn Bhd (“Scientex Packaging”), a wholly owned subsidiary of Scientex Berhad (“Scientex”) i..e the disposal of GW Plastics’ 100% equity interest in Great Wall Plastic Industries Berhad (“GWPI”), and GW Packaging Sdn Bhd (“GW Packaging”) to Scientex Packaging for a total cash consideration of RM283.20 million (“Proposed Disposals”) and a proposed distribution of the cash proceeds arising from the Proposed Disposals to all shareholders of GW Plastics (“Proposed Distribution”), which was announced on 3.10.2012. Yeoh at the material time was a non-independent non-executive director of GW Plastics. On 1 June 2017, Chua Choon Chai also entered into a settlement with the SC for the sum of RM78,000.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for insider trading in the shares of GW Plastics, contrary to section 188(2) of the CMSA. The settlements were reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws, where the sum that Yeoh and Chua were required to disgorge was equivalent to 3 times the difference between the price at which Chua acquired the shares and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.

Regulatory Settlement with Yeoh Soo Ann and Chua Choon Chai

On 11 May 2017, Yeoh Soo Ann entered into a settlement with the SC in the sum of RM78,000.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for communicating inside information contrary to section 188(3) of Capital Market and Services Act 2007 (“CMSA”) to one Chua Choon Chai, who then traded in the shares of GW Plastics Holding Berhad (“GW Plastics”) between 25 September 2012 and 28 September 2012. The inside information was in relation to a Share Sale Agreement (“SSA”) between GW Plastics and Scientex Packaging Film Sdn Bhd (“Scientex Packaging”), a wholly owned subsidiary of Scientex Berhad (“Scientex”) i..e the disposal of GW Plastics’ 100% equity interest in Great Wall Plastic Industries Berhad (“GWPI”), and GW Packaging Sdn Bhd (“GW Packaging”) to Scientex Packaging for a total cash consideration of RM283.20 million (“Proposed Disposals”) and a proposed distribution of the cash proceeds arising from the Proposed Disposals to all shareholders of GW Plastics (“Proposed Distribution”), which was announced on 3.10.2012. Yeoh at the material time was a non-independent non-executive director of GW Plastics. On 1 June 2017, Chua Choon Chai also entered into a settlement with the SC for the sum of RM78,000.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for insider trading in the shares of GW Plastics, contrary to section 188(2) of the CMSA. The settlements were reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws, where the sum that Yeoh and Chua were required to disgorge was equivalent to 3 times the difference between the price at which Chua acquired the shares and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA.