SC Sues Former Directors & Remisiers for Market Manipulation of Reliance Pacific Berhad Shares
16 May 2020   |   Kuala Lumpur

The Securities Commission Malaysia (SC) had on 8 May 2020 filed a civil suit at the Kuala Lumpur High Court against five individuals, including former directors and remisiers for market manipulation offences involving Reliance Pacific Berhad (RPB).

The SC claims that Toh Lean Seng (47), Tham Yoke Sing (47), Lee Ai Peng (47), Yap Wai Fong (74) and Lee Beng Huat (52) had engaged in manipulative activities in the trading of RPB shares between 3 October 2006 to 31 October 2007. Toh, Tham and Lee, who were directors of JTL Equities Sdn Bhd at the material time were said to be responsible for controlling and managing 38 accounts used in the said manipulation.

Yap, a former remisier at AMInvestment Bank Berhad and Lee, a former remisier at Kenanga Investment Bank Berhad, are alleged to have been responsible for executing some of the impugned trades.

The SC is seeking court orders for disgorgement and civil penalties of over RM5,141,400.77, as well as orders to bar the defendants from being appointed directors of public listed companies and from trading on the stock exchange for a period of five years.
SC-World Bank-IOSCO Asia Pacific Hub Conference 2019: Enhancing Financial Inclusion through Islamic Finance and FinTech
(From left to right):
  1. Abayomi A. Alawode, Head of Islamic Finance, Finance, Competitiveness and Innovation, The World Bank Group
  2. Datuk Syed Zaid Albar, Chairman of the Securities Commission Malaysia (SC)
  3. Dr. Firas Raad, Country Manager for Malaysia, East Asia and Pacific, The World Bank Group 
  4. Datuk Zainal Izlan Zainal Abidin, Deputy Chief Executive of SC
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