Administrative Actions in 2022 - Administrative Actions

Administrative Actions in 2022

No.	Nature of Misconduct	Parties Involved	Brief description of misconduct	Action Taken	Date of Action
1.	Breach of Section 354(1)(a) of the CMSA read together with Section 4(1)(b) of the AMLA	Muhammad Bin Mohd Yunos (“Muhammad”)	Muhammad had received proceeds of an unlawful activity being the sum of RM1,500.00.	Reprimand for the breach; and Penalty of RM225,000 for the breach.	3 June 2022
2.	Breach of Section 354(1)(a) of the CMSA read together with Section 4(1)(b) of the AMLA	Saluna Binti Tusok @ Salina Bt Abdullah (“Saluna”)	Saluna had received proceeds of an unlawful activity being the sum of RM1,500.00.	Reprimand for the breach; and Penalty of RM225,000.00 for the breach.	3 June 2022
3.	Breach of Section 354(1)(a) of the CMSA read together with Section 4(1)(b) of the AMLA	Muhammad Amirul Hakim Bin Mohd Nizam (“Amirul”)	Amirul had received proceeds of an unlawful activity being the sum of RM3,000.00.	Reprimand for the breach; and Penalty of RM225,000.00 for the breach.	3 June 2022
4.	Two (2) breaches of Section 354(1)(a) of the CMSA read together with Section 4(1)(b) of the AMLA	Choy Mun Kin (“Choy”)	Choy had received proceeds of an unlawful activity being the sum of RM1,650.00.	Reprimand for each breach; and Penalty of RM225,000.00 for the 2 breaches.	2 June 2022
5.	Breach of Section 354(1)(a) of the CMSA read together with Section 4(1)(b) of the AMLA	Ahmad Firdaus Bin Mohamad (“Firdaus”)	Firdaus had received proceeds of an unlawful activity being the sum of RM350.00.	Reprimand for the breach; and Penalty of RM225,000.00 for the breach.	31 May 2022
6.	Two (2) breaches of Section 354(1)(b)(iii) of the CMSA read together with: Paragraph 3.3.7(a) of the Federation of Investment Managers Malaysia’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds) as at 22 January 2013 (“Code”); and Paragraph 3.1.12(d) of the Code.	Harani Kamarudin (“Harani”)	As a previous Unit Trust Consultant, Harani had:- Entered into written understanding or arrangement with an investor for investments decisions to be made on his behalf; and Failed to explain the nature and characteristics of the unit trust fund marketed and gave direct guarantee that a specific result will be achieved. Harani’s breaches contain elements of fraud and dishonesty causing the investor to suffer losses of an amount up to RM1.32million.	Reprimand for each breach; Penalty of RM2,000,000.00	24 May 2022
7.	Two (2) breaches of Section 354(1)(a) of the CMSA read together with Section 4(1)(b) of the AMLA	Mohammed Shukri Bin Yaacob (“Shukri”)	Shukri had received proceeds of an unlawful activity being the sum of RM3,350.00	Reprimand for each breach; and Penalty of RM225,000.00 for the two (2) breaches.	24 May 2022
8.	Three (3) breaches of Section 354(1)(a) of the CMSA read together with Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”)	Cheah Pui San (“Cheah”)	Cheah had received proceeds of an unlawful activity being the sum of RM8,950.00	Reprimand; and Penalty of RM225,000.00 for the 3 breaches.	23 May 2022
9	Nine (9) breaches of Section 354(1)(a) of the CMSA read together with Section 4(1)(b) of the AMLA	Haree Narayanan A/L Money (“Haree”)	Haree had had received proceeds of an unlawful activity being the sum of RM15,748.62	Reprimand for each breach; and Penalty of RM225,000.00 for the 9 breaches	23 May 2022
10.	Three (3) breaches of Section 354(1)(a) of the CMSA read together with Section 4(1)(b) of the AMLA	Abd Aziz Bahari (“Aziz”)	Aziz had had received proceeds of an unlawful activity being the sum of RM2,650.00.	Reprimand for each breach; and Penalty of RM225,000.00 for the 3 breaches.	23 May 2022
11.	Breach of Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA	Coco Li Heng	Based on the available evidence, Coco Li Heng was found to be the beneficial owner of the deposited securities in the Central Depository System account in the name of David Lim Chee Siang.	Reprimand Penalty of RM27,000	18 May 2022
12.	Breach of Section 29A of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA	David Lim Chee Siang	Based on the available evidence, David Lim Chee Siang had effected the disposal of shares in his Central Depository System account when he was not the beneficial owner of the said shares.	Reprimand Penalty of RM27,000	18 May 2022
13.	Six (6) breaches of section 354(1)(a) of the Capital Markets and Services Act 2007 (“CMSA”) read together with sections 369(b)(B) of the CMSA (“Breaches”)	Cheah Yew Keat	As the Group Managing Director of DIS Technology Holdings Berhad (“DISTB”), Cheah Yew Keat had knowingly caused the furnishing of six (6) financial statements of DISTB that were false to the stock exchange, Bursa Malaysia, relating to the affairs of DISTB.	Reprimand for each breach; and Penalty of RM2,730,000 which consists of RM455,000 for each breach.	3 March 2022 Update: On 14 March 2022, Cheah Yew Keat filed a review application to the SC against the quantum of penalty imposed. The review application was dismissed by the SC on 29 June 2022.
14.	Breach of Section 356(1)(a) of the Capital Markets and Services Act 2007 read together with Paragraph 4.17, Section B, Part 1 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework	Kenanga Investors Berhad (“KIB”)	Delay of one (1) business day in the submission of the annual report for the financial year end 30 September 2021 to the SC for three (3) wholesale funds.	Penalty of RM3,000	3 March 2022
15.	Three (3) breaches of Section 354(1) of the CMSA read together with:- Paragraph 3.3.5 of the Federation of Investment Managers Malaysia’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds) as at 22 January 2013 (“Code”); Section 92A(2)(a) of the CMSA and Paragraph 3.1.3(a) of the Code; and Section 58(1) of the CMSA..	Nabihah Binti Shafiee (“Nabihah”)	As a Unit Trust Consultant of Affin Hwang Asset Management Berhad, Nabihah had:- accepted cash and had monies credited into her personal bank accounts from investors for purposes of investment in unit trusts; provided statements to individuals which she knew contained false or misleading information; and carried on a business in the regulated activity of dealing in private retirement schemes when she was not a registered person.	Reprimand for each breach; Requirement to make restitution to investors, amounting to RM52,618.00; and Penalty of RM472,500.00.	3 March 2022
16.	Breach of Section 354(1)(a) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 369(b)(B) of the CMSA Breach of Section 354(1)(a) of the CMSA read together Paragraph 9.35A(1)(b) of the Main Market Listing Requirements	Prolexus Berhad (“Prolexus”)	Knowingly causing the furnishing of information contained in the announcement made by Prolexus to Bursa Malaysia Securities Berhad (“Bursa”) on 6 October 2020 (“Announcement”) that is misleading to Bursa.	Reprimand for each breach	27 January 2022 On 25 February 2022, Prolexus had applied to the SC for a review of its decision to sanction Prolexus. The review application was dismissed by the SC on 2 September 2022.
17.	Breach of Section 354(1)(a) of the CMSA read together with Sections 369(b)(B) and 367(1) of the CMSA	Choong Chee Mun, Executive Director and Chief Financial Officer of Prolexus	Knowingly causing the furnishing of information contained in the Announcement that is misleading to Bursa.	Reprimand; and Penalty of RM280,000.00	27 January 2022 On 25 February 2022, Choong Chee Mun had applied to the SC for a review of its decision to sanction him and to consider reversing its decision. The review application was dismissed by the SC on 2 September 2022.
18.	Breach of Section 354(1)(a) of the CMSA read together with Sections 369(b)(B) and 367(1) of the CMSA	Khadmudin Bin Mohamed Rafik, Independent Non-Executive Chairman of Prolexus	Knowingly causing the furnishing of information contained in the Announcement that is misleading to Bursa.	Reprimand; and Penalty of RM224,000.00	27 January 2022 On 25 February 2022, Khadmudin Bin Mohamed Rafik had applied to the SC for a review of its decision to sanction him and to consider reversing its decision. On 2 September 2022, the SC affirmed its decision in respect of the findings of breach and the reprimand imposed, but reduced the quantum of penalty from RM224,000.00 to RM140,000.00.
19.	Breach of Section 354(1)(a) of the CMSA read together with Sections 369(b)(B) and 367(1) of the CMSA	Lau Mong Ying, Managing Director of Prolexus	Knowingly causing the furnishing of information contained in the Announcement that is misleading to Bursa.	Reprimand; and Penalty of RM224,000.00	27 January 2022 On 25 February 2022, Lau Mong Ying had applied to the SC for a review of its decision to sanction him and to consider a lighter punishment towards him. The review application was dismissed by the SC on 2 September 2022.
20.	Breach of Section 354(1)(a) of the CMSA read together with Sections 369(b)(B) and 367(1) of the CMSA	Lau Mong Fah, Non-Independent Non-Executive Director of Prolexus	Knowingly causing the furnishing of information contained in the Announcement that is misleading to Bursa.	Reprimand; and Penalty of RM224,000.00	27 January 2022 On 25 February 2022, Lau Mong Fah had applied to the SC for a review of its decision to sanction him and to consider reversing its decision. On 2 September 2022, the SC affirmed its decision in respect of the findings of breach and the reprimand imposed, but reduced the quantum of penalty from RM224,000.00 to RM140,000.00.
21.	Breach of Section 354(1)(a) of the CMSA read together with Sections 369(b)(B) and 367(1) of the CMSA	Boo Chin Liong, Independent Non-Executive Director of Prolexus	Knowingly causing the furnishing of information contained in the Announcement that is misleading to Bursa.	Reprimand; and Penalty of RM224,000.00	27 January 2022 On 25 February 2022, Prolexus had applied to the SC for a review of its decision to sanction him and to consider reversing its decision. On 2 September 2022, the SC affirmed its decision in respect of the findings of breach and the reprimand imposed, but reduced the quantum of penalty from RM224,000.00 to RM140,000.00.
22.	Breach of Section 354(1)(a) of the CMSA read together with Sections 369(b)(B) and 367(1) of the CMSA	Chin Chew Mun, Independent Non-Executive Director of Prolexus	Knowingly causing the furnishing of information contained in the Announcement that is misleading to Bursa.	Reprimand; and Penalty of RM224,000.00	27 January 2022 On 25 February 2022, Chin Chew Mun had applied to the SC for a review of its decision to sanction him and to consider reversing its decision. On 2 September 2022, the SC affirmed its decision in respect of the findings of breach and the reprimand imposed, but reduced the quantum of penalty from RM224,000.00 to RM140,000.00.
23.	Breach of Section 354(1)(a) of the CMSA read together with Sections 369(b)(B) and 367(1) of the CMSA	W Norma Binti W Daud, Independent Non-Executive Director of Prolexus	Knowingly causing the furnishing of information contained in the Announcement that is misleading to Bursa.	Reprimand; and Penalty of RM224,000.00	27 January 2022 On 25 February 2022, W Norma Binti W Daud had applied to the SC for a review of its decision to sanction her and to consider reversing its decision. On 2 September 2022, the SC affirmed its decision in respect of the findings of breach and the reprimand imposed, but reduced the quantum of penalty from RM224,000.00 to RM140,000.00.
24.	Breach of Section 354(1)(a) of the CMSA read together with Sections 369(b)(B) and 367(1) of the CMSA	Ahmad Mustapha Bin Ghazali, Former Executive Chairman of Prolexus	Knowingly causing the furnishing of information contained in the Announcement that is misleading to Bursa.	Reprimand; and Penalty of RM224,000.00	27 January 2022 On 23 February 2022, Ahmad Mustapha Bin Ghazali had applied to the SC for a review of its decision to sanction him and to consider reversing its decision. The review application was dismissed by the SC on 2 September 2022.
25.	Breach of Section 354(1)(a) of the CMSA read together with Sections 369(b)(B) and 367(1) of the CMSA	Lim Yong Lee, Former Independent Non-Executive Director of Prolexus	Knowingly causing the furnishing of information contained in the Announcement that is misleading to Bursa.	Reprimand; and Penalty of RM224,000.00	27 January 2022 On 16 February 2022, Lim Yong Lee had applied to the SC for a review of its decision to sanction him and to consider reversing its decision. On 2 September 2022, the SC affirmed its decision in respect of the findings of breach and the reprimand imposed, but reduced the quantum of penalty from RM224,000.00 to RM140,000.00.

No record found.