False trading and market rigging transaction
[s. 84 of the SIA]
Stock market manipulation
[s.85 of the SIA]
Kenneth Vun @ Vun Yun Liun
Teng Choo Teik
Simon Ling Siang Hock
Lye Pei Ling
Chuah Hock Soon
Choong Lay Ti
Gui Boon Huat
On 22 July 2014, the SC filed a civil suit against the 7 defendants. The SC is seeking, among others:
A declaration that the defendants engaged in false trading and market rigging transactions in respect of DVM shares from 14 March 2006 until 21 March 2006;
A declaration that the defendants engaged in stock market manipulation in respect of DVM shares from 14 March 2006 until 21 March 2006;
A declaration that all profits earned by each of the defendants by reason of their false trading and market rigging transactions and stock market manipulation of DVM shares are held on constructive trust for the benefit of the affected investors;
An order that all assets and properties of each of the defendants be traced and/or followed, and thereafter paid over to the Commission for the purpose of compensating any materially affected investors of DVM shares;
General and/or aggravated and/or exemplary damages against all the defendants;
Special damages;
Civil penalty of RM1,000,000 against each of the defendants for breach of section 84 and 85 of the SIA;
Interest;
An injunction to restrain each of the defendants from trading in any counter on Bursa Malaysia for a period of 5 years;
An order that each of the defendants be barred from being a director of any public listed company for a period of 5 years;
The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.
