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

1. Section 212(5)(a) of the CMSA;
2. Section 212(5)(b) of the CMSA; and
3. Section 232(1) of the CMSA

1. QuestCorp failed to seek recognition by the Securities Commission Malaysia (“SC”) and failed to register with the SC a disclosure document, in relation to the making available, offer for subscription or purchase, or issue an invitation to subscribe for or purchase of QuestCorp’s shares; and
2. QuestCorp failed to register a prospectus with the SC in relation to the issuance or offering for subscription or purch

1. Reprimand; and
2. Penalty of RM315,000.00

14 July 2023 

On 1 August 2023, QuestCorp had applied to the SC for a review of its own decision to sanction QuestCorp. 

The review application was dismissed by the SC on 31 October 2023.

Pursuant to Section 367(1) of the Capital Markets and Services Act 2007 (“CMSA”), breach of Section 354(1)(a) of the CMSA, read together with:

1. Section 212(5)(a) of the CMSA;
2. Section 212(5)(b) of the CMSA; and
3. Section 232(1) of the CMSA

As the director and Chief Executive Officer of QuestCorp Global Inc., SKC is deemed to have breached Section 354(1) of the CMSA based on the following:

1. QuestCorp’s failure to seek recognition by the Securities Commission Malaysia (“SC”) and failure to register with the SC a disclosure document, in relation to the making available, offer for subscription or purchase, or issue an invitation to subscribe for or purchase of QuestCorp’s shares; and
2. QuestCorp failure to register a prospectus with the SC in relation to the issuance or offering for subscription or purchase of QuestCorp’s shares

1. Reprimand; and
2. Penalty of RM315,000.00

14 July 2023

On 1 August 2023, SKC had applied to the SC for a review of its own decision to sanction SKC.

The review application was dismissed by the SC on 31 October 2023.

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

1. Section 58 of the CMSA, read together with Part 1 and Part 2 of Schedule 2 of the CMSA;
2. Section 4(1)(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”); and
3. Section 4(1)(b) of the AMLA.

1. Afiq carried on a business in a regulated activity of providing investment advice to others concerning securities without holding a Capital Markets Services Licence; and
2. Afiq engaged in a transaction that involves proceeds of an unlawful activity and had on 423 occasions received and/or possessed the proceeds of an unlawful activity.

1. Reprimand;
2. Penalty of RM1,975,570.88; and
3. Directive that he closes all his websites and/or social media accounts/platforms (including his Twitter and Telegram Groups.

2 June 2023 

On 16 June 2023, Afiq had applied to the SC for a review of its own decision to sanction Afiq.

The review application was withdrawn on 14 December 2023.

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

1. Section 58 of the CMSA, read together with Part 1 and Part 2 of Schedule 2 of the CMSA;
2. Section 4(1)(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”); and
3. Section 4(1)(b) of the AMLA.

1. Tan carried on a business in a regulated activity of providing investment advice to others concerning securities without holding a Capital Markets Services Licence; and

2. Tan engaged in a transaction that involves proceeds of an unlawful activity and had used the proceeds of an unlawful activity.

1. Reprimand;
2. Penalty of RM517,500.00; and
3. Directive that he closes all his websites and/or social media accounts/platforms (including FB Groups).

1 June 2023 

On 15 June 2023, Tan had applied to the SC for a review of its own decision to sanction Tan.

The review application was dismissed by the SC on 26 September 2023.

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

1. Section 4(1)(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”); and
2. Section 4(1)(b) of the AMLA.

1. Reprimand;
2. Penalty of RM6,579,922.75; and
3. Directive that she closes all hers and/or Tan Soon Hin’s websites and/or social media accounts/platforms (including the FB Groups).

1 June 2023

On 15 June 2023, Teh had applied to the SC for a review of its own decision to sanction Teh. 

The review application was dismissed by the SC on 26 September 2023.

• Ten (10) breaches of Paragraph 1.12 of Section A of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (“LOLA Guidelines”) and Paragraph 9.04(f) of the Guidelines on Conduct for Capital Market Intermediaries (“Conduct Guidelines”); and

• Four (4) breaches of Paragraph 9.04(e) of the Conduct Guidelines,

read together with Section 354(1)(b)(ii) of the Capital Markets and Services Act 2007

• Submission of ten (10) monthly post-issuance reports to the SC in relation to structured products which contains information which are not true, incomplete and inaccurate; and
• Failure to promptly report to the SC upon discovering the breaches of Paragraph 1.12 of Section A of  the LOLA Guidelines and Paragraph 9.04(f) of the Conduct Guidelines.

1. Reprimand for each of the fourteen (14) breaches; and
2. Total penalty of RM230,000.

• Breach of Section 369(b)(D) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 354(1)(a) of the CMSA
• Breach of Paragraph 2.18(1)(c) of the Bursa Malaysia Securities Berhad (“Bursa Malaysia”) ACE Market Listing Requirements (“AMLR”) read together with Section 354(1)(b)(i) of the CMSA;
• Breach of Section 369(b)(E) of the CMSA read together with Section 354(1)(a) of the CMSA;
• Breach of Paragraph 4.05A(1)(b) of the AMLR read together with Section 354(1)(b)(i) of the CMSA

1. Reprimand; and
2. Penalty of RM660,000.

2 October 2023

On 25 October 2023, Inter-Pac had applied to the SC for a review of its decision to sanction Inter-Pac.

The review application was dismissed by the SC on 14 December 2023.

• Breach of Section 369(b)(D) of the CMSA read together with Section 354(1)(a) of the CMSA;
• Breach of Section 369(b)(E) of the CMSA read together with Paragraph 6.08 of the Rules of Bursa Malaysia and Section 354(1) of the CMSA

1. Reprimand;
2. Penalty of RM144,000; and
3. Disqualification as an Executive Director of Inter-Pac.

2 October 2023

On 27 October 2023, TMC had applied to the SC for a review of its decision to sanction TMC.

On 14 December 2023, the SC affirmed its decision in respect of the findings of breach and the reprimand imposed, but reduced the quantum of penalty from RM198,000.00 to RM144,000.00.

• Breach of Section 369(b)(D) of the CMSA read together with Section 354(1)(a) of the CMSA
• Breach of Paragraph 2.18(1)(c) of the Bursa Malaysia AMLR read together with Section 354(1)(b)(i) of the CMSA;
• Breach of Section 369(b)(E) of the CMSA read together with Section 354(1)(a) of the CMSA

1. Reprimand; and
2. Penalty of RM210,000

2 October 2023

On 18 October 2023, Sheryn Chow filed a review application with the SC against the quantum of penalty imposed.

On 14 December 2023, the SC allowed Sheryn Chow’s review application and reduced the quantum of penalty from RM300,000.00 to RM210,000.00.

• Breach of Paragraph 2.18(1)(c) of the Bursa Malaysia AMLR read together with Section 354(1)(b)(i) of the CMSA

1. Reprimand; and
2. Penalty of RM94,500

2 October 2023

On 27 October 2023, Amy Ng had applied to the SC for a review of its decision to sanction Amy Ng.

The review application was dismissed by the SC on 14 December 2023.

• Breach of Paragraph 2.18(1)(c) of the Bursa Malaysia AMLR read together with Section 354(1)(b)(i) of the CMSA

1. Reprimand; and
2. Penalty of RM94,500

2 October 2023

On 27 October 2023, Hen Jong Ren had applied to the SC for a review of its decision to sanction Hen Jong Ren.

The review application was dismissed by the SC on 14 December 2023.

• Telaxis Sdn Bhd (“Telaxis”)
• Adil Cita Sdn Bhd
• LGB Holdings Sdn Bhd
• LGB Group Sdn Bhd
• Dato’ Lim Chee Meng
• Lim Chin Sean
• Lim Shiak Ling
• Datin Lim Ai Ling
• Lim Siew Ling
• Datin Geh Sok Lan @ Goay Sook Lan
• L-Six Holdings Sdn Bhd (collectively referred to as “Telaxis and the PACs”)

1. Reprimand;
2. Penalty of RM500,000 against Telaxis and the PACs collectively;  and
3. Directive to Telaxis to sell down its shareholding to its original position prior to the Triggering Acquisition within six (6) months with the following conditions:
   1. The disposal must be made to independent parties who are not persons acting in concert with Telaxis or its persons acting in concert;
   2. The SC must be notified upon completion of the disposal; and
   3. Pending the disposal, Telaxis and the PACs are only allowed to exercise up to 46.45% of the voting rights in Parkwood.
      

Delay in the submission of the following for a wholesale fund to the SC :

1. Monthly statistical returns with a delay of ten (10) business days; and
2. Monthly investment returns with a delay of three (3) business days.

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