SC Issues Cease and Desist Directive Against Quantum Metal Exchange Inc for Offering Shares to Public

MEDIA RELEASE

Kuala Lumpur, 24 March 2024

The Securities Commission Malaysia (SC) today has directed Dato’ Lim Khong Soon @ Lim Hock Seng, the Founder and Director of Quantum Metal Exchange Inc (QMEI), to immediately cease and desist the offering of QMEI shares to the Malaysian public.

The QMEI share offering, which is currently ongoing, contravenes the relevant requirements under securities laws.

The cease-and-desist directive was issued following the SC’s findings that QMEI is offering its shares to the Malaysian public, including via the Quantum Metal Sdn Bhd’s (QMSB) website/platform to QMSB members.

This was carried out without seeking recognition and registering a disclosure document with the SC which is in contravention of Section 212 (5) of the Capital Markets & Services Act 2007.

Consequently, the SC has also placed QMEI with its relevant details on the SC’s Investor Alert List http://www.sc.com.my/investor-alert.

When evaluating investment offers, investors are advised to exercise caution. The public are urged to report to the SC if they have been approached by suspicious and unlicensed persons offering capital market products at [email protected] or call +603-6204 8999.

Securities Commission Malaysia

about the SC

The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

General Line: +603-6204 8000
General Email: [email protected]