Based on available evidence, Chew Koon Lin was found to be the actual beneficial owner of the successfully allotted shares of Powerwell Holdings Berhad and 11 other IPO shares which were held in 67 Central Depository System (CDS) accounts under the names of third party individuals.

1. Reprimand; and
2. Penalty of RM1,258,107.00.

3 May 2023

On 16 May 2023 and 26 May 2023,Chew Koon Lin filed a review application with the SC against the sanctions imposed.

The review application was dismissed by the SC on 22 August 2023.

Breach 1             

Late submission of the 2020 annual report of a fund, with a delay of twelve (12) calendar days to the SC and thirteen (13) calendar days to the investors

Breach 2

Late submission of the 2021 annual report of a fund, with a delay of four (4) calendar days to the SC and sixteen (16) calendar days to the investors

Penalty of RM100,000 via an enforceable undertaking consisting of payment of RM50,000 and undertaking to ensure compliance of reporting obligations under LOLA Guidelines for a period of three (3) years, failing which MTC is required to pay the remaining penalty sum of RM50,000 immediately.

MTC did not agree to the above terms and conditions.

16 May 2023

On 25 May 2023, MTC had applied to the SC for a review of its decision to sanction MTC. On 1 September 2023, the SC maintained its decision in respect of the penalty of RM100,00 via an enforceable undertaking with the same terms and conditions, save for a modification to condition (c), namely MTC agrees that the decision of the SC is final and not to pursue the matter further.

MTC agreed to the above terms and conditions and paid the penalty sum of RM50,000.

Breach of Paragraph 4.17, Section B, Part 1 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (“LOLA Guidelines”) read together with Section 356(1)(a) of the Capital Markets and Services Act 2007

ATM Capital Management Sdn Bhd (“ATM”)

Late submission of the annual report for two (2) wholesale funds, with a delay of twenty-three (23) calendar days to the SC and twenty-five (25) calendar days to the investors

Penalty of RM16,000 via an enforceable undertaking consisting of payment of RM4,800 and undertaking to ensure compliance of reporting obligations under LOLA Guidelines for a period of three (3) years, failing which ATM is required to pay the remaining penalty sum of RM11,200 immediately.

ATM agreed to the above terms and conditions and paid the penalty sum of RM4,800 on 14 July 2023.

11 July 2023

Breach of Section 58(1) of the  Capital Markets and Services Act 2007 (“CMSA”) read together with Part 1 of Schedule 2 and Section 354(1)(a) of the CMSA

Asma binti Nasarudin

Carrying on a business in a regulated activity of providing investment advice to others concerning securities without holding a Capital Markets Services License

1. Reprimand; and
2. Penalty of RM257,000.00

16 November 2022

On 13 December 2022, Asma filed a review application with the SC against the sanctions imposed.

The review application was dismissed by the SC on 3 May 2023.

Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 354(1)(a) of the CMSA

Logeswaran a/l Balasubramaniam

Carrying on a business in a regulated activity of providing investment advice to others concerning securities without holding a Capital Markets Services Licence

1. Reprimand; and
2. Penalty of RM303,376.00

17 April 2023

Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Part 1 of Schedule 2 and Section 354(1)(a) of the CMSA

Andrew Ng Gim Meng

Carrying on a business in a regulated activity of providing investment advice to others concerning securities without holding a Capital Markets Services Licence

1. Reprimand; and
2. Penalty of RM248,140.00

17 April 2023

On 3 May 2023, Andrew filed a review application with the SC against the quantum of penalty imposed.

The review application was dismissed by the SC on 7 July 2023.

Two (2) breaches of Paragraph 4.17, Section B, Part 1 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework read together with Section 356(1)(a) of the Capital Markets and Services Act 2007

Inter-Pacific Asset Management Sdn. Bhd.

Breach 1

Delay of eighty-nine (89) calendar days in the submission of the annual report for a wholesale fund to both the investors and the SC; and

Breach 2

Delay of two (2) business days in the submission of the monthly investment returns for a wholesale fund to the SC.

Penalty of RM50,000 for Breach 1 and RM2,000 for Breach 2

14 June 2023

1. Reprimand,pursuant to Section 354(3)(c) of the CMSA;
2. Directive to mitigate the effect of the Breach pursuant to Section 354(3)(d) of the CMSA where Huobi Global Limited is required to:-(i)disable Huobi Global Limited 's Website and Apps (in Apple Store, Google Play or any other digital application platform) in Malaysia
   (ii) immediately cease circulating, publishing or sending any advertisements, whether in email, social media platforms or otherwise, to Malaysian investors.

1.  Reprimand, pursuant to Section 354(3)(c) of the CMSA;
2. Directive to mitigate the effect of the Breach pursuant to Section 354(3)( d) of the CMSA where Leon Li Lin is required to cause Huobi Global Limited to:-
   (i) disable Huobi Global Limited's Website and Apps (in Apple Store, Google Play or any other digital application platform) in Malaysia
   (ii) immediately cease circulating, publishing or sending any advertisements, whether in email, social media platforms or otherwise, to Malaysian investors.

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

PMB Investment Berhad (“PMB”)

Delay of one (1) business day in the submission of the monthly statistical returns for a wholesale fund to the SC.

Penalty of RM1,000.

10 April 2023

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”)

Breach 1
Delay of one (1) calendar day in the submission of the annual report of a wholesale fund to both the investors and the SC.

Breach 2
Delay of one (1) business day in the submission of the monthly statistical returns for a wholesale fund to the SC.

Penalty of RM5,000.00.

23 February 2023