SC Takes Enforcement Action Against Seven for Share Manipulation
22 July 2014   |   Kuala Lumpur
The Securities Commission Malaysia (SC) took enforcement action today against seven individuals at the Kuala Lumpur High Court for the manipulation of DVM Technology Bhd (DVM) shares.

In the action taken, the SC alleges that the defendants had, over a one week period from 14 March 2006 to 21 March 2006, actively transacted in DVM shares among themselves, causing the price of the shares to artificially rise from RM0.11 on 14 March 2006 to a high of RM0.32 on 20 March 2006. The SC alleges that the defendants’ actions had created a false or misleading appearance of active trading on DVM shares as well as the price of the shares.

The SC alleges that the week-long manipulation resulted in a surge in the volume of DVM shares, to a total of 63 million shares on 20 March 2006, compared to 3.6 million shares one week prior to the manipulation. SC’s investigations revealed that the defendants never traded in DVM shares prior to the material period. 

The seven individuals named in the action are:

1. Kenneth Vun @ Vun Yun Liun 

2. Teng Choo Teik 

3. Simon Lin Siang Hock 

4. Lye Pei Ling 

5. Chuah Hock Soon 

6. Choong Lay Ti 

7. Gui Boon Huat

The SC is seeking a disgorgement of all profits earned by the defendants as a result of the manipulation, which is sought to be used to compensate affected investors. The SC is also claiming a civil penalty of RM1 million from each of the seven defendants. Other orders sought are that the defendants be barred from being a director of a public listed company and from trading on the stock exchange for a period of five years.

“Manipulation threatens market integrity and this continues to be a key focus area at the SC,” said SC’s Executive Director of Enforcement, Ahmad Fairuz bin Zainol Abidin. He stated that this case reflects the regulator’s commitment in addressing market manipulation and reiterated that it is serious in its efforts to bringing offenders to book. 


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