Regulatory Settlements in 2024

Regulatory Settlement with Loh Yu San and Loh Chin Seong

On 26 January 2024, the SC entered into a regulatory settlement with Loh Yu San and Loh Chin Seong  in the sum of RM11,091,125.70 when they agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against them for insider trading of shares in Iskandar Waterfront City Berhad (“IWCity”), in breach of section 188(2)(a) of the Capital Markets and Services Act 2007 (“CMSA”)

The pair had allegedly disposed a total of 5,723,800 shares in IWCity on 3 May 2017 while in possession of inside information relating to the cancellation of a share sale agreement that TRX City Sdn Bhd (“TRX”) had entered into with Iskandar Waterfront Holdings Sdn Bhd (“IWH”) and China Railway Engineering Corporation (M) Sdn Bhd (“CREC”). At the material time, IWH was the single largest shareholder of IWCity.

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 Loh Yu San and Loh Chin Seong is equivalent to 2 times the difference between the price at which the shares were disposed and the price at which the shares would have been likely to have been disposed at the time of the disposal if the inside information had been generally available. The monies recovered will be applied in accordance with section 201(7) of the CMSA

 
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