When contacted, Advancecon group chief executive officer Datuk Phum Ang Kia said it was unable to give a new date for the prospectus launch at this juncture, pending queries from the SC.
KUALA LUMPUR: The Securities Commission Malaysia (SC) has charged two officers of Jalatama Management Sdn Bhd for carrying on a business of dealing in derivatives without a licence.
In a statement Wednesday, SC said Su Eng Kooi, 42, and Yap Choong Seong, 42, were brought to the Kuala Lumpur Sessions Court to face charges under section 58(1) read together with section 367(1) of the Capital Markets Services Act 2007 (CMSA). The offences were allegedly committed between July 2011 and September 2013.
Su was arrested in Kuala Lumpur earlier this morning while Yap, a Singaporean, was arrested in Singapore on Monday with the assistance of the Royal Malaysian Police and the Singapore Police Force.
Both Su and Yap claimed trial this afternoon.
Kuala Lumpur Sessions Court Judge Zaman Mohd Noor fixed bail at RM30,000 with two sureties for Su, and ordered him to surrender his passport and report to the nearest police station twice a month until the end of the trial. Yap was granted bail of RM150,000 with two sureties.
The case will be mentioned on 9 and 8 August for Su and Yap respectively.
An offence under section 58(1) of the CMSA carries a maximum fine of RM10mil, or imprisonment for a term not exceeding 10 years, or both.
In 2013, SC had warned the public that Jalatama was not licensed by SC to solicit monies or to deal in derivatives, and subsequently raided its offices in an investigation into suspected breaches of securities laws.
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