Breaches of:

1. Paragraph 3.02 of the Compliance Guidelines  ("1st Breach") ; and
2. Paragraph 4.13 of the Sales Practices Guidelines for  ("2nd Breach"),

read together with Section 354(1)(b)(ii) of the CMSA.

AHAM Asset Management Berhad (“AHAM”)

1st Breach 
Failure to exercise due care, skill and diligence to ensure that AHAM wholesale funds were only subscribed by sophisticated investors

2nd Breach

1. Reprimand for each of the two (2) breaches
2. Penalty of RM900,000

9 April 2025

On 21 April and 30 April 2025, AHAM filed a review application with the SC against the penalty imposed.

On 26 June 2025, AHAM’s review application was dismissed.

Rule 5.01(a) of the Bursa Malaysia Securities Berhad (“Bursa Rules”) read together with Paragraph 11.2(b) of the Directives on Conduct of Business No. 5-001 issued by Bursa Malaysia Securities Berhad (“Bursa Directives”), read together with Section 354(1)(b)(i) of the CMSA

Stephen Tan Jik Howe (“Stephen Tan”)

Stephen Tan failed to exercise due skill, care and diligence as a commissioned dealer’s representative in facilitating the breach of SICDA by effecting trades of a 3rd party in his client’s trading account.

1. Reprimand
2. Total penalty of RM 40,000.00
3. Suspension of CMSRL for a period of 4 months pursuant to Section 72(3)(a) of the CMSA read together with Section 65(1)(g)(iv) of the CMSA.

14 August 2025

Breach 1
Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA

Breach 2
Section 29A of SICDA read together with Section 354(1)(a) of the CMSA

Stanley Tan Jik Shuen (“Stanley Tan”)

Breach 1
For permitting 3rd party shares to be deposited and maintained in his trading account

Breach 2
For allowing the dealings in respect of the Tecnic Group Berhad shares on behalf of a 3rd party to be effected in his trading account.

1. Reprimand for each of the two (2) breaches
2. Penalty of RM 24,000.00

14 August 2025

Breach 1
Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA

Breach 2
Section 29A of SICDA read together with Section 354(1)(a) of the CMSA

Tan Ee Choe Meng @ Agnes Tan (“Agnes Tan”)

Breach 1
For permitting 3rd party shares to be deposited and maintained in her trading account

Breach 2
For allowing the dealings in respect of the Tecnic Group Berhad shares on behalf of a 3rd party to be effected in her trading account.

1. Reprimand for each of the two (2) breaches
2. Total penalty of RM 24,000.00

14 August 2025

Rule 404.3(6)(b) of the Rules of Bursa Malaysia Securities Berhad (“Bursa Rules”) read together with 354 (1)(b)(i) of the CMSA

Lim Hung Chiang  

For receiving instructions to dispose shares in his client’s trading account from a third party without the client’s prior written authorization.

1. Reprimand
2. Penalty of RM 35,000.00

5 August 2025

Breach 1
Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA

Breach 2
Section 29A of SICDA read together with Section 354(1)(a) of the CMSA

Breach 1
For permitting 3rd party shares to be deposited and maintained in her trading account.

Breach 2
For allowing the dealings in respect of the Focal Aims Holdings Berhad, DRB-HICOM and EcoWorld shares on behalf of a 3rd party to be effected in her trading account.

1. Reprimand; and
2. Penalty of RM24,000.00

21 July 2025

Yap Huat Heng (James)
(“James”)

James breached Rule 5.01(a) of the Bursa Rules read together with Paragraph 11.2(b) of the Bursa Directives as he had failed to exercise due skill, care and diligence as a commissioned dealer's representative in facilitating the breach of SICDA by effecting trades of a 3rd party, in his client’s trading account.

1. Reprimand;
2. Penalty of RM40,000.00; and
3. Suspension of 4 months pursuant to Section 72(3)(a) of the CMSA read together with Section 65(1)(g)(iv) of the CMSA.

21 July 2025

Breach of the following provisions:

1. Paragraphs 9.06 and 9.02(b) of the Guidelines on Compliance Function for Fund Management Companies (“Compliance Guidelines”);
2. Paragraph 3.02, Core Principles 2 and 3 of the Compliance Guidelines; and
3. Paragraphs 7.0.1, 7.0.3 and 7.04(a) of the Compliance Guidelines,

1. Failure to ensure that the investments were carried out in accordance with a mandate and failed to provide complete and accurate information of its investments;
2. Failure to conduct its business with due care, skill and diligence and act in the client’s best interest; and
3. Failure to provide statements relating to the performance of its client’s investments as well as imposed fees and charges.

1. Reprimand for each of the three (3) breaches;
2. Total penalty of RM675,000 for the three (3) breaches;
3. Directive for KIIB ensure that no charges or fees is imposed on or charged to its client arising from the unauthorised investments; and
4. Directive for KIIB to comply with the requirements of disclosure to its client, and in particular to remedy the disclosure breaches in that KIIB must provide a comprehensive, up-to-date disclosure setting out the current status of the investment, fees and reporting, including a clear explanation of the sales charge, to ensure its client fully understands the impact and details of the transactions since the date of the investment management agreement.
   

Breach of the following provisions:

1. Paragraphs 9.06 and 9.02(b) of the Guidelines on Compliance Function for Fund Management Companies (“Compliance Guidelines”); and
2. Paragraphs 7.0.1, 7.0.3 and 7.04(a) of the Compliance Guidelines,

1. Failure to ensure that the investments were carried out in accordance with a mandate and failed to provide complete and accurate information of its investments; and
2. Failure to provide statements relating to the performance of its client’s investments as well as imposed fees and charges.

1. Reprimand for each of the two (2) breaches;
2. Total penalty of RM300,000 for the two (2) breaches; and
3. Directive for KIB to comply with the requirements of disclosure to its client, and in particular to remedy the disclosure breaches in that KIB must provide a comprehensive, up-to-date disclosure setting out the current status of the investment, fees and reporting, including a clear explanation of the sales charge, to ensure its client fully understands the impact and details of the transactions since the date of the investment management agreements.

Breach 1
Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”).

Breach 2
Section 29A of the SICDA.

Breach 3
Section 61(4) of the Capital Markets and Services Act 2007 (“CMSA”) read together with paragraph 7.03(3) of the SC's Licensing Handbook.

Breach 4
Breach of Rules 1.03(a) of the Rules of Bursa Malaysia Securities Berhad’s (“Bursa Rules”) read together with the following Bursa Directive No. 5-001 on Conduct of Business (“Bursa Directives”):

1. paragraph 11.1(b);
2. paragraph 11.2(a); and
3. paragraph 11.2(b).

read together with Section 354(1)(a) of the CMSA.

Breach 1
For causing and/or permitting shares belonging to a third party and Saw’s own personal shares to be deposited and/or maintained in a client’s trading account.

Breach 2
For allowing and facilitating a third party to trade via her client’s trading account, and for effecting Saw’s own personal trades in her client’s trading account.
    
Breach 3
For Saw’s failure to comply with the condition of her licence which requires Saw to comply with the securities laws.

Breach 4

1. paragraph 11.1(b) for arranging with a third party to allocate his profits or losses in a client’s trading account;
2. paragraph 11.2(a) for executing her personal trades in her client’s trading account; and
3. paragraph 11.2(b) for using her client’s trading account to trade for a third party.

Breaches 1 and 2:

1. Reprimand; and
2. Penalty of RM35,000.00.

Breach 3:

1. Reprimand.

Breach 4:

1. Reprimand; and
2. Penalty of RM35,000.00.

18 July 2023

On 26 July 2023, Saw submitted her application to review the SC’s decision.

The review application was dismissed by the SC on 29 July 2025.

Delay in the   submission of the monthly statistical returns for two (2) of its wholesale funds with a delay of one (1) business day to the SC.

Breach of Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 ("AMLA") read together with Section 354(1)(a) of the Capital Markets and Services Act 2007 ("CMSA")

Muhammad Rafie Bin Hadhari

Rafie had received proceeds of an unlawful activity for the total sum of RM350.00 in his account.

1. Reprimand; and
2. Penalty of RM100,000.00 for the breach.

10 July 2025

Breach of Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 ("AMLA") read together with Section 354(1)(a) of the Capital Markets and Services Act 2007 ("CMSA")

Gary Tapau Anak Umut

Gary had received proceeds of an unlawful activity being the sum of RM2000.00

1. Reprimand; and
2. Penalty of RM100,000

10 July 2025

Breach of Paragraphs 5.08(a) and 5.09, Section B, Part 3 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework read together with Sections 354(1)(b)(ii) of the Capital Markets and Services Act 2007

Maybank Investment Bank Berhad

Delay in the submission of a redemption notice on behalf of the issuer for one Medium Term Note programme with a delay of one (1) business day to the SC

Penalty of RM1,000

6 June 2025

Breach 1
Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA

Breach 2
Section 29A of SICDA read together with Section 354(1)(a) of the CMSA

Breach 1
For causing and/or permitting his Bertam and Focal Aims Berhad Holding’s shares to be deposited and/or maintained in a third party’s account.

Breach 2
For effecting his trades in respect of his Bertam and FAHB shares in a third party’s account.

1. Reprimand
2. Penalty of RM181,816

18 July 2023

On 7 August 2023, Choong submitted his application to review the SC’s decision.

The review application was dismissed by the SC on
26 June 2025. 

On 19 September 2025, Choong filed a Judicial Review Application at the High Court against the SC. 

The matter is currently pending at the High Court

Breach of Section 354(1)(a) of the Capital Markets and Services Act 2007 ("CMSA") read together with Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 ("AMLA”)

1. Reprimand; and
2. Penalty of RM100,000.00 for the breach.

1. Reprimand; and
2. Directive to remedy the breach by making restitution to all subscribers of QMEI’s shares.

Breach of Section 354(1)(a) of Capital Market and Services Act 2007 (“CMSA”), read together with Section 212(5) of CMSA and Section 367 of CMSA

Dato’ Lim Khong Soon @ Lim Hock Seng (“LKS”)

In view of LKS’ position as Executive Chairman, president, Chief Executive Officer and director of QMEI at the material time of QMEI’s breach, pursuant to Section 367 of CMSA, LKS have breached Section 354 CMSA for QMEI’s failure to seek recognition of the SC, in relation to the making available, offer for subscription or purchase, or issue an invitation to subscribe for or purchase of QMEI’s shares issued pursuant to QMEI’s Private Placement Memorandum dated 29 November 2023.

1. Reprimand;
2. Penalty of RM700,000; and
3. Directive to remedy the breach by making restitution to all subscribers of QMEI’s shares.

11 April 2025

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

Angel Group Solutions Sdn Bhd (“Angel Group”)

Angel Group held itself out as carrying on a business in the regulated activity of dealing in securities without holding a Capital Markets Services Licence.

1. Reprimand;
2. Penalty of RM200,000.

11 April 2025

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

Rukhaidah binti Abd Karim (“Rukhaidah”)

Rukhaidah held herself out as carrying on a business in the regulated activity of dealing in securities without holding a Capital Markets Services Licence.

1. Reprimand;
2. Penalty of RM200,000.

11 April 2025

1. Paragraph 7.3.3 of the Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries as at 26 April 2021 (“2021 AML Guidelines”), Paragraph 2.4.5(b) of Federation of Investment Managers Malaysia's Code of Ethics and Rules of Professional Conduct as at 22 January 2013 ("2013 FIMM Code"), and Paragraph 3.16(a) of Federation of Investment Managers Malaysia's Code of Ethics and Rules of Professional Conduct as at 13 January 2020 ("2020 FIMM Code")(“1st Breach”);
2. Paragraph 8.2.1(a), 11.3 of Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries as at 7 December 2016 ("2016 AML Guidelines"), Paragraph 8.8.1(a) and 11.3 of the 2021 AML Guidelines (“2nd Breach”);
3. Paragraph 8.8.5 and 11.6 of the 2021 AML Guidelines (“3rd Breach”); and
4. Paragraph 8.3.1(c) of the 2021 AML Guidelines (“4th Breach”),

read together with Section 354(1)(b)(ii) and Section 354(1)(b)(iii) of the CMSA.

1st Breach
Failure to have in place adequate policies and procedure in its supervision and monitoring of UTCs which resulted in misappropriation of potential investors’ monies intended for investments to PMB.

2nd Breach
Failure to conduct on-going due diligence and scrutiny of PMB’s customers throughout the course of the business relationship and to monitor the customers’ account on a regular basis to ensure that transactions conducted are consistent with amongst others PMB’s knowledge of the customers and their risk profile.

3rd Breach
Failure to clarify the economic background and source of funds of PMB’s customers as well as failure to report suspicious transactions.

4th Breach
Failure to undertake proper assessment of customers’ background and financial information of customers’ categorised as ‘high risk’.

1. Reprimand for each of the four (4) breaches
2. Penalty of RM1,300,000
3. Directive to carry out the following:

• Restitution to the affected clients who had suffered losses arising from the misconduct of Abdul Rahman who had not been compensated for their losses totalling RM265,100 within one (1) month from the date of action
• PMB shall report to the SC on the implementation of the restitution exercise set out in paragraph above within one (1) month from the date of action.

Breach of:

1. Section 92A(2)(a) of the Capital Market Services Act 2007 (“CMSA”) and Paragraph 5.02(b) of the Guidelines on Conduct for Capital Market Intermediaries (“Conduct Guidelines”) read together with Section 354(1)(a) and Section 354(1)(b)(ii) of the CMSA;
2. Paragraph 3.1.11(g) of the Federation of Investment Managers Malaysia ("FIMM") Code of Ethics 2013 and Paragraph 4.3(f) of the FIMM Code of Ethics 2020 read together with Section 354(1)(b)(iii) of the CMSA; and
3. Paragraph 3.1.3(a) of the FIMM Code of Ethics 2013 and Paragraph 3.1 of the FIMM Code of Ethics 2020 read together with Section 354(1)(b)(iii) of the CMSA.

Syarmi Bin Shamsuddin

1. Allowed and received pre-signed forms (“Breach 1”);
2. Executed 26 unauthorised investments and 23 unauthorised switching transactions in unit trust account (“Breach 2”);
3. Engaged in deceptive and misleading acts by preparing and issuing seven (7) falsified unit holder ledgers and one (1) falsified audit confirmation (“Breach 3”); and
4. Exhibited dishonest behaviour by arranging for another person to attend mandatory annual product fundamental training session to fulfil the pre-requisite CPD points imposed by FIMM to maintain registration as a Unit Trust Consultant (“Breach 4”).

1. Reprimand for each of the four (4) breaches; and
2. Penalty in the total sum of RM2,866,799.24 for the four (4) breaches.

11 December 2024

On 31 December 2024, Syarmi filed a review application seeking for the SC to review the finding of breaches and penalty imposed against him.

The review application was dismissed by the SC on 30 April 2025

Breach of Section 354(1)(a) of the CMSA read together with Sections 232(1) and 367(1) of the CMSA

Yap Nee Seng

Failure to register a prospectus with the SC in relation to the issuance or offering for subscription or purchase of convertible redeemable non-cumulative preference shares.

1. Reprimand; and
2. Penalty of RM450,000

25 November 2024

On 24 December 2024, Yap Nee Seng had applied to the SC seeking for a review of the finding of breach and sanctions imposed against him. The review application was dismissed by the SC on 30 April 2025.

Breach of Section 354(1)(a) of the CMSA read together with Sections 232(1) and 367(1) of the CMSA

Yap Ngee Hoe

Failure to register a prospectus with the SC in relation to the issuance or offering for subscription or purchase of convertible redeemable non-cumulative preference shares.

1. Reprimand; and
2. Penalty of RM450,000

25 November 2024

On 24 December 2024, Yap Ngee Hoe had applied to the SC seeking for a review of the finding of breach and sanctions imposed against him. The review application was dismissed by the SC on 30 April 2025.

Breach of Section 354(1)(a) of the CMSA read together with Sections 232(1) and 367(1) of the CMSA

Cheah Pei Yin

Failure to register a prospectus with the SC in relation to the issuance or offering for subscription or purchase of convertible redeemable non-cumulative preference shares.

1. Reprimand; and
2. Penalty of RM450,000

25 November 2024

On 24 December 2024, Cheah Pei Yin had applied to the SC seeking for a review of the finding of breach and sanctions imposed against her. The review application was dismissed by the SC on 30 April 2025.

6 March 2025