SC revokes remisier's licence over improper practices

Datuk Kamarudin Meranun has entered into a settlement with the Securities Commission for RM3.64mil over the purchase of 5.55 million Malaysia Airlines Bhd (MAS) shares between Aug 1, 2011 and Aug 5, 2011.

KUALA LUMPUR: The Securities Commission (SC) has revoked the Capital Markets Services Representative’s Licence (CMSRL) of Chu Li Choon for various improper business practices when transacting for her client.

The regulator said on Thursday the revocation was effective May 10.

“Chu’s CMSRL was revoked under Section 72 read together with section 65 of the Capital Markets and Services Act 2007 (CMSA), as she is no longer fit and proper to carry out regulated activities in the Malaysian capital market. Chu was formerly attached with CIMB Investment Bank,” it said.

The SC also imposed a penalty of RM100,000 against Chu for failing to comply with the condition of her CMSRL which requires her to remain fit and proper at all times as provided under Paragraph 7.03(1) of the SC’s Licensing Handbook. 

“The SC has considered and rejected an appeal by Chu against the SC’s decision,” it said.