PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded and imposed a fine of RM100,000 on former remisier Goh Hong Lim for manipulating the share price of Tomei Consolidated Bhd.
"Bursa places a strong emphasis on the need to maintain a fair and orderly market and will not tolerate any acts or practices which could lead to false trading, manipulative activities and compromising the integrity of the market," said the exchange.
At the time of the breach, Goh was a commissioned dealer’s representative of HwangDBS Investment Bank Bhd at its Taman Tun Dr Ismail, Kuala Lumpur branch.
The exchange has ordered to strike off Goh for his offences.
He had contravened and triggered the provisions of Rules 401.1(3), 404.3(1) and 1302.1(1)(a) & (g) of Bursa’s pre-revamped rules.
Bursa said Goh had engaged in numerous manipulative and false dealing activities over a period of time in several client accounts.
These dealings included activities which involved bidding down, bidding up, front-running and coordinated trading activities which had the effect of creating a misleading appearance of active trading in Tomei.
"Goh had influenced Tomei’s share price by pushing the price down during the period of price fixing for its placement shares," said Bursa.