SC charges Philip Wong Chee Kheong, Ivan Ng Chong Yeng and Francis Bun Lit Chun for manipulating Suremax shares
The Securities Commission (SC), having obtained consent from the Attorney General’s Chambers, today charged Philip Wong Chee Kheong, Ivan Ng Chong Yeng and Francis Bun Lit Chun in the Kuala Lumpur Sessions Court 1, one of the dedicated courts for capital market offences, for manipulating Suremax Group Berhad (Suremax) shares.
The three accused were charged for creating a misleading appearance with respect to the price of Suremax shares by executing transactions of buy and sell in 153 accounts at 12 stockbroking firms, an offence under section 84(1) of the
Securities Industry Act 1983 (SIA) read together with section 34 and section 40 of the Penal Code.
They were also charged with the alternative charge of creating a misleading appearance of active trading in the shares of Suremax by using the 153 accounts, without any change in the beneficial ownership of the shares, an offence under
section 84(1) of the SIA read together with section 34 and section 40 of the Penal Code.
Both offences are punishable under section 88B of the SIA and are liable upon conviction to a fine of not less than RM1 million and to imprisonment for a term not exceeding 10 years.
The application by counsel for Philip Wong to be released on bail was opposed on grounds that:
After an Affidavit in Reply by Phillip Wong was tendered to the Court, the Court granted Philip Wong bail at RM600,000 with two local sureties and all travel documents to be surrendered to court.
Market manipulation cases are typically highly complex to investigate and difficult to prosecute, as evidenced by the few jurisdictions that have had successes in this area.