Bursa Securities raps, fines remisier for manipulation

KUALA LUMPUR: Bursa Malaysia Securities has publicly reprimanded and imposed a RM360,000 fine on Oh Kok Boon and ordered him to be stuck off as a trader for engaging in manipulative dealing activities in six securities.

The regulator said on Monday the counters are Biosis Group Bhd, Metronic Global Bhd, Ariantec Global Bhd, Luster Industries Bhd, Harvest Court Industries Bhd and Naim Indah Corp Bhd.

Bursa Securities said Oh, who was a commission dealer representative of TA Securities Holdings Bhd then, was involved in numerous manipulative and false dealing activities over a period of time in several client' accounts.

These activities included the rollover activities via direct business transactions at prices higher than the prevailing market price.

"These married direct business transactions were used as a tool or device that provided savings or avoided losses to the selling clients in the down trending market of these securities," it said.

Bursa Securities also said Oh undertook on-market trading in the six counters with the execution of opposing buy/sell orders for a group of clients resulting in their opposing orders being matched against each other.

It said the manipulative trading activities by Oh created a misleading appearance of active trading in the six counters.
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