Bursa reprimands and fines remisier
PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded and imposed a fine of RM20,000 on remisier Wong Min Jun for manipulating the securities of poultry company Lay Hong Bhd.
The regulator said that it had also suspended and restricted Wong for three months. He is also required to undergo training on the conduct or professionalism of dealer’s representatives and market offences.
Bursa said Wong was a salaried dealer’s representative of Mercury Securities Sdn Bhd at its Kuala Lumpur branch office when he committed the offence through a client’s account over a period of time.
It pointed out that the repetitive execution of increasing bid trades drove up or maintained Lay Hong’s share price at certain levels through the entry of buy orders at prices higher than the prevailing market prices in the client’s account.
He had also executed the marking of the close trades through buy orders at prices higher than the last traded price or the prevailing theoretical closing price.
These were done prior to and during the pre-closing phase, which resulted in the closing price of the shares to either surge and close at the day’s high, or at a price higher than the last traded price.
Bursa said these repetitive activities had interfered with the genuine market forces of supply and demand and gave rise to a false and misleading appearance of the securities.