PETALING JAYA: In an unprecedented move, the Securities Commission (SC) obtained an ex parte injunction to refrain Datuk Ishak Ismail from dealing with the RM10.2mil worth of proceeds he got from the sale of his shares in troubled furniture maker, Kenmark Industrial Co (M) Bhd.
This is the first such case where the SC acted to prevent dealings in the cash proceeds from a share sale, but in the past the commission had obtained injunctions to prevent disposal of assets in the Swisscash case and stop usage of funds from land sale in the The Ayer Molek Rubber Co Bhd case.
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