Regulatory Settlements in 2019

Regulatory Settlement with Lim Eu Keong

On 23 July 2019, Lim Eu Keong entered into a settlement with the SC in the sum of RM87,669 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for:

  • Disposing 1,099,100 DIS Technology Holdings Berhad (DIS Tech) shares (the shares) on 3 March 2010 through the Central Depository System (CDS) Account of one Law Cheng Tiang (Law) while in possession of inside information contrary to section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA). The inside information was in relation to the misstatement of the financial results in the quarterly reports of DIS Tech for the period between the 3rd Quarter of 2008 and the 4th Quarter of 2009 (the Financial Misstatement); and/or
  • Communicating the inside information pertaining to the Financial Misstatement to Law, who had thereafter disposed the shares on 3 March 2010, contrary to section 188(3)(a) of the CMSA; and/or
  • Procuring Law to dispose the shares on 3 March 2010, contrary to section 188(2)(b) of the CMSA.

Lim Eu Keong was a member of DIS Tech's Audit Committee at the material time.
In addition to the above, on 23 July 2019, Lim Eu Keong also entered into a settlement with the SC in the sum of RM83,700 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for:

  • Communicating the inside information pertaining to the misstatement of the financial results in the quarterly reports of DIS Tech for the period between the 3rd Quarter of 2008 and the 4th Quarter of 2009 to one Lee Weng Wai (Lee) who had thereafter disposed the shares on 4 March 2010, contrary to section 188(3)(a) of the Capital Markets and Services Act 2007 (CMSA); and/or
  • Procuring Lee to dispose the shares on 4 March 2010, contrary to section 188(2)(b) of the CMSA.
The settlements were reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The amount disgorged from Lim Eu Keong pursuant to each settlement 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 Lee Weng Wai

On 23 July 2019, Lee Weng Wai entered into a settlement with the SC in the sum of RM83,700 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for disposing 1,395,000 DIS Technology Holdings Berhad (DIS Tech) shares (the shares) on 4 March 2010 while in possession of inside information. The inside information was in relation to the misstatement of the financial results in the quarterly reports of DIS Tech for the period between the 3rd Quarter of 2008 and the 4th Quarter of 2009, contrary to section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA).

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 Lee Weng Wai 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 Law Cheng Tiang

On 24 July 2019, Law Cheng Tiang entered into a settlement with the SC in the sum of RM87,669 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for disposing 1,099,100 DIS Technology Holdings Berhad (DIS Tech) shares (the shares) on 4 March 2010 while in possession of inside information. The inside information was in relation to the misstatement of the financial results in the quarterly reports of DIS Tech for the period between the 3rd Quarter of 2008 and the 4th Quarter of 2009, contrary to section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA).
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 Law Cheng Tiang 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 Ong Saw Peng

On 3 July 2019, Ong Saw Peng entered into a settlement with the SC in the sum of RM1,546,300.59 when she agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against her for acquiring 608,200 EON Capital Berhad (EONCAP) shares between 2 December 2009 and 11 December 2009 through her account and the account of one Ong Fang Loong while in possession of inside information contrary to section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA).The inside information was in relation to the proposed acquisition of EONCAP by Hong Leong Bank Berhad, which was announced to Bursa Malaysia on 17 December 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 Ong Saw Peng 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 Low Kok Yong

On 7 May 2019, Low Kok Yong ("Low") entered into a settlement with the SC in the sum of RM85,596.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for acquiring 120,000 Harn Len Corporation Bhd ("Harn Len") shares in his account between 9 September 2013 and 13 September 2013 while in possession of inside information contrary to section 188(2)(a) of the Capital Markets and Services Act 2007 ("CMSA"). The inside information was in relation to the proposed disposal of two parcels of land held by Uniglobal Sdn Bhd, a wholly-owned subsidiary of Harn Len to in the district of Lahad Datu, Sabah for a cash consideration of RM184,596.825.00 to Boustead Rimba Nilai Sdn Bhd, a wholly-owned subsidiary of Boustead Holdings Berhad. The proposed disposal was announced on Bursa Malaysia on 27 September 2013. At the material time, Low was the Head of Business Development at Harn Len.

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 Low is equivalent to two 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 Chong Ah Kaim

On 5 May 2019, Chong Ah Kaim ("Chong") entered into a settlement with the SC in the sum of RM65,157.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for acquiring 66,800 Harn Len Corporation Bhd ("Harn Len") shares in his account between 13 September 2013 and 27 September 2013 while in possession of inside information contrary to section 188(2)(a) of the Capital Markets and Services Act 2007 ("CMSA"). The inside information was in relation to the proposed disposal of two parcels of land held by Uniglobal Sdn Bhd, a wholly-owned subsidiary of Harn Len to in the district of Lahad Datu, Sabah for a cash consideration of RM184,596.825.00 to Boustead Rimba Nilai Sdn Bhd, a wholly-owned subsidiary of Boustead Holdings Berhad. The proposed disposal was announced on Bursa Malaysia on 27 September 2013. At the material time, Chong was the Assistant General Manager of Harn Len and a member of the Management Working Committee at Harn Len.

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 Chong 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 Poh Yang Hong

On 15 April 2019, Poh Yang Hong entered into a settlement with the SC in the sum of RM260,160.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for acquiring 200,000 EON Capital Berhad (EONCAP) shares between 16 December 2009 and 17 December 2009 through the account of Poh Soon Sim while in possession of inside information contrary to section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA). The inside information was in relation to the proposed acquisition of EONCAP by Hong Leong Bank Berhad, which was announced to Bursa Malaysia on 17 December 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 Poh Yang Hong 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 Datuk Kamarudin bin Meranun, Abdul Radzim bin Abdul Rahman and Mohamed Radzif bin Mohamed Shamsudin

On 2 April 2019, Datuk Kamarudin bin Meranun entered into a settlement with the SC in the sum of RM3,637,252.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for acquiring 5,660,000 Malaysia Airlines Berhad ("MAS") shares between 1 August 2011 and 5 August 2011 through the account of Nor Ashikin binti Khamis' and Malizan bin Mahmood whilst in possession of inside information contrary to section 188(2) of the Capital Markets and Services Act 2007 ("CMSA").

On 9 April 2019, Abdul Radzim bin Abdul Rahman and Mohamed Radzif bin Mohamed Shamsudin entered into a settlement with the SC in the sum of RM750,000 respectively when they agreed without admission or denial of liability to pay a civil penalty that the SC was proposing to institute against them for acquiring 3,160,000 MAS shares through the account of  Nor Ashikin binti Khamis' and 2,500,000 MAS shares through the account of Malizan bin Mahmood respectively between 1 August 2011 and 5 August 2011 whilst in possession of inside information contrary to section 188(2) of the CMSA.

The settlement was reached following letters of demand sent by the SC pursuant to its civil enforcement powers under the securities laws. The amount disgorged from Datuk Kamarudin bin Meranun 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 Terence Wong @ Huang Thar-Rearn

On 1 April 2019, Terence Wong @ Huang Thar-Rearn entered into a settlement with the SC in the sum of RM573,150.00 when he agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for acquiring 800,000 Malaysia Airlines Berhad ("MAS") shares between 15 July 2011 and 22 July 2011 through the account of Tan Ah Loy @ Tan May Ling whilst in possession of inside information contrary to section 188(2) of the Capital Markets and Services Act 2007 ("CMSA").

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 Terence Wong 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 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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