Bursa rep­ri­mands and fines remisier

The Star Malaysia - StarBiz - - News -

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.

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