Friday 29 Mar 2024
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KUALA LUMPUR (Aug 3): Bursa Securities has publicly reprimanded, imposed a RM65,000 fine and suspended/restricted (as the case may be) Hong Choe Hoar for 12 months as/from being a registered person of Bursa for engaging in manipulative dealing activities in the securities of Kanger International Bhd.

Hong is also required to undergo mandatory training on conduct or professionalism of dealer’s representatives/market offences.

In a statement today, Bursa said Hong was at the material time of the breach, a commissioned dealer’s representative of Kenanga Investment Bank Bhd at its Bandar Baru, Klang branch office.

He had contravened and/or triggered the provisions of Rules 3.14(d), (e), (f) & (g) and 5.01(b) of the Rules of Bursa Securities and paragraph 1.1(1)(h) of the Directives No.5-001 of the Participating Organisations’ Directives and Guidance (POs’ Directives).

Bursa added that Hong had engaged in false market/undertaken manipulative trading activities of Kanger shares, through his numerous clients’ accounts, including his brother’s account, who had given him the discretion to execute trades in their accounts.

"Bursa places a strong emphasis on the need to maintain a fair and orderly market and will not tolerate any acts or practices which could lead to false trading, manipulative activities and/or compromise the integrity of the market," the regulator said.

"Bursa will not hesitate to take appropriate actions against anyone who engages in such misconduct, which commensurate with the severity of the breach, including suspension/striking off a registered person from the register and imposition of fines," it added.

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