Bursa rep­ri­mands, fines and sus­pends dealer rep

The Sun (Malaysia) - - MEDIA & MARKETING -

PE­TAL­ING JAYA: Bursa Malaysia has pub­licly rep­ri­manded, fined and sus­pended/restricted Chi­ang May Lin for en­gag­ing in ma­nip­u­la­tive deal­ing ac­tiv­i­ties in the se­cu­ri­ties of 12 coun­ters.

The reg­u­la­tor said in a state­ment yes­ter­day that it im­posed a fine of RM85,000 and sus­pended/ restricted Chi­ang for six months as/ from be­ing a reg­is­tered per­son of Bursa Malaysia.

The 12 coun­ters are Land & Gen­eral Bhd, TA En­ter­prise Bhd, Kumpu­lan Fima Bhd, IJM Plan­ta­tions Bhd, DRB-Hi­com Bhd, TDM Bhd, Ivory Prop­er­ties Group Bhd, MK Land Hold­ings Bhd, TA Global Bhd, East­ern & Oriental Bhd, Seal In­cor­po­rated Bhd and Oriental Hold­ings Bhd.

In ad­di­tion, Chi­ang is re­quired to un­dergo train­ing on con­duct or pro­fes­sion­al­ism of Dealer’s Rep­re­sen­ta­tives (DRs)/mar­ket of­fences (Manda­tory Train­ing).

Chi­ang had en­gaged in false mar­ket/ma­nip­u­la­tive ac­tiv­i­ties in the 12 coun­ters through the ex­e­cu­tion of on-mar­ket cross trades in the ac­counts of her two clients who are re­lated to her on/ by the set­tle­ment dates or on T+4.

“These cross trades that con­sti­tuted a sig­nif­i­cant portion of the shares of the 12 coun­ters bought and sold by Chi­ang’s two clients’ were car­ried out to fa­cil­i­tate the rollover of trades or pass­ing on the shares to each other and pro­long the hold­ing pe­riod for the se­cu­ri­ties ac­quired/ traded by her two clients,” it said.

By en­gag­ing in these cross trad­ing ac­tiv­i­ties, Chi­ang had en­tered in close prox­im­ity of time her two clients’ op­pos­ing cor­re­spond­ing or­ders, at the price and quan­tity that took up each other’s or­ders and caused the trades car­ried out on-mar­ket in her two clients’ ac­counts not to be sub­ject to nat­u­ral mar­ket forces of sup­ply and de­mand by de­lib­er­ately match­ing the op­pos­ing or­ders.

It also en­abled the sell­ing by her two clients to be done at the price lev­els dic­tated by her/her two clients and thus, cre­ated a false or mislead­ing ap­pear­ance as to the mar­ket for/price of the shares for the 12 coun­ters.

Artist’s im­pres­sion of EkoGate­way @ KL River City.

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