Bursa Securities fines remisier RM150,000, gets 18 months suspension

KUALA LUMPUR (Dec 1): Bursa Malaysia Securities Bhd has publicly reprimanded and imposed a fine of RM150,000 on a remisier Chee Siow Chin for irregular and/or manipulative dealing activities in the securities of three companies.

The regulator said on Thursday that it also suspended Chee for 18 months trading on or through the stock market as a proprietary day trader and dealer’s representative.

Chee was involved in irregular and/or manipulative dealing activities in the shares of COCOALAND HOLDINGS BHD [], Karambunai Corporation Bhd and warrants of KUMPULAN JETSON BHD [].

Bursa Securities said Chee had breached the Capital Markets Services Representative’s License and a dealer’s representative of ECM Libra Investment Bank Bhd.

In its warning, Bursa Securities said it viewed the need to maintain a fair and orderly market as imperative and will not tolerate any acts or practices which could lead to false trading or manipulative activities.

“Bursa Securities prohibits such manipulative activities as they could adversely affect the integrity of the market.

“Bursa Securities would like to strongly emphasise that all registered persons must undertake securities dealing activities in strict compliance with the rules of Bursa Securities, including engaging in fair dealing, carrying out dealing activities in a fair and orderly manner and refraining from unethical or manipulative dealing activities,” it said.