SC charges former remisier for market manipulation

4 September 2012 | Kuala Lumpur

The Securities Commission Malaysia (SC) today charged former remisier Dato’ David Goh Hock Choy in the Kuala Lumpur Sessions Court for manipulating Lii Hen Industries Bhd (Lii Hen) shares.

Goh, 50, was charged under section 84(1) of the Securities Industry Act 1983 (SIA) with creating a misleading appearance of active trading of Lii Hen shares by being involved in the sale and purchase of Lii Hen shares that did not result in any change of beneficial ownership. The trades were executed through 42 accounts at nine stockbroking companies between March 2004 and October 2004.

Meanwhile, Siow Chung Peng, 42, was charged in the same court with abetting Goh in the commission of the offence.

Both Goh and Siow claimed trial to the charges.

The SC had sought assistance from PDRM for the issuance of an Interpol Red Notice on Goh as he had been out of Malaysia since July 2011. He was arrested on arrival at the Kuala Lumpur International Airport this morning.

The offence of market manipulation is punishable under section 88B of the SIA that provides for a fine of not less than RM1 million and an imprisonment of not exceeding 10 years, upon conviction.

Sessions Court Judge S. M. Komathy Suppiah granted Goh bail at RM300,000 with one surety while Siow was granted bail at RM50,000 with one surety. They were also ordered to surrender their travel documents to the court and to report to the SC’s investigating officer every two weeks.

SECURITIES COMMISSION MALAYSIA