Thursday, 12 October 2017 | MYT 5:57 PM
Bursa Securities fines remisier for manipulating in Lay Hong shares
KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded and imposed a fine of RM20,000 on a remisier Wong Min Jun for manipulating in the securities of poultry company Lay Hong Bhd.
The regulator said on Thursday it had also suspended/restricted Wong for three months. He was also was required to undergo training on conduct or professionalism of dealer’s representatives/market offences.
Bursa Securities said he was a salaried dealer’s representative of Mercury Securities Sdn Bhd at its Kuala Lumpur branch office when he committed the offences through a client’s account over a period of time.
It pointed out 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 the close trades through buy orders at prices higher than the last traded price or prevailing theoretical closing price.
These were done prior to and during the pre-closing phase which resulted in the closing price of shares to either surge and close at the day high or at a price higher than the last traded price.
Bursa Securities said these repetitive activities had interfered with the genuine market forces of supply and demand and gave rise to a false/misleading appearance of the securities.
It warned that it would not tolerate any acts or practices which could lead to false trading, manipulative activities and/or compromise the integrity of the market.
“Bursa Malaysia Securities will not hesitate to take appropriate actions against anyone who engages in such misconducts which commensurate with the severity of the breach, including suspension/striking off a registered person from the Register and imposition of fines,” it said.