Regulatory Settlements in 2019

Regulatory Settlement with Dato’ Harjit Singh

On 29 January 2019, Dato’ Harjit Singh a/l Gurdev Singh (“Harjit”) entered into a settlement with the SC in the sum of RM173,352.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for acquiring 346,500 Johor Land Berhad (“JLand”) shares between 22 March 2009 and 6 April 2009 through HSBC Private Bank Singapore’s account for Star Honour Limited, a BVI incorporated company while in possession of inside information contrary to section 188(2) of the Capital Markets and Services Act 2007 (“CMSA”).

The inside information was in relation to the proposed privatisation of JLand via a Voluntary General Offer at a price of RM1.55 per JLand share, which was announced to Bursa Malaysia on 13 April 2009.

The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The amount disgorged from Dato’ Harjit is 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 201(7) of the CMSA

Regulatory Settlement with AFM Shafiqul Hafiz

On 30 January 2019, AFM Shafiqul Hafiz (“Shafiqul”) entered into a settlement with the SC in the sum of RM173,352.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for  communicating inside information contrary to section 188(3) of the Capital Market and Services Act 2007 (“CMSA”) to one Dato’ Harjit Singh a/l Gurdev Singh  (“Harjit”) who had thereafter acquired 346,500 shares in Johor Land Berhad (“JLand”) between 22 March 2009 and 6 April 2009. The sum of RM173,352.00 consists of a disgorgement equivalent to 3 times the difference between the price at which Harjit had acquired the shares 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 inside information was in relation to the proposed privatisation of JLand via a Voluntary General Offer at a price of RM1.55 per JLand share, which was announced to Bursa Malaysia on 13 April 2009. At the material time, Shafiqul was the Managing Director of JLand.

The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The monies recovered will be applied in accordance with section 201(7) of the CMSA.
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