Regulatory Settlements in 2016
Regulatory Settlement with Teng Choon Kwang and Tan Boon Hwa

On 15 March 2016, Teng Choon Kwang and Tan Boon Hwa entered into a settlement with the SC in the sum of RM293,502 when they agreed without admission or denial of liability to settle a claim that the SC had instituted against them for insider trading in the shares of Inti Universal Holdings Berhad ("Inti") between 13 September and 18 September 2007, contrary to section 89E(2) of the Securities Industry Act 1983 ("SIA"). The inside information was in relation to a notice that was served on Inti by its controlling shareholders, Inti Supreme Holdings Sdn Bhd ("Inti Supreme") on 18 September 2007 that Inti Supreme had received a proposal from Laureate Education, Inc. to acquire the controlling interest in Inti for an aggregate purchase consideration of RM126.6 million which translated to RM1.20 per Inti share. This information was subsequently set out in an announcement made by Inti to Bursa Malaysia on 19 September 2007. The settlement was reached following the filing of a Statement of Claim by the SC against Teng and Tan in the Kuala Lumpur High Court on 30 December 2015 pursuant to its civil enforcement powers under the securities laws, where the sum they were required to disgorge was equivalent to three times the difference between the price at which the shares were acquired and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available. The monies recovered will be applied in accordance with section 90A(7) of the SIA.

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