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: 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.
The SC said on Friday that Kamarudin had on April 2 agreed without admission or denial of liability to settle a claim that the SC was proposing to institute against him for acquiring the MAS shares.
The shares were purchased through the account of Nor Ashikin Khamis and Malizan Mahmood whilst in possession of inside information contrary to section 188(2) of the Capital Markets and Services Act 2007 (CMSA).
The regulator also said that on April 9, 2019, Abdul Radzim Abdul Rahman and Mohamed Radzif Mohamed Shamsudin entered into a settlement with the SC in the sum of RM750,000 respectively.
Both had agreed without admission or denial of liability to pay a civil penalty that the SC was proposing to institute against them for acquiring 3.16 million MAS shares through the account of Nor Ashikin and 2.50 million MAS shares through the account of Malizan respectively.
The transactions were between Aug 1, 2011 and Aug 5, 2011 whilst in possession of inside information contrary to section 188(2) of the CMSA.
“The settlement was reached following letters of demand sent by the SC pursuant to its civil enforcement powers under the securities laws.
“The amount disgorged from Datuk Kamarudin Meranun is equivalent to three times the difference between the price at which the shares were acquired and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available.
“The monies recovered will be applied in accordance with section 201(7) of the CMSA,” the SC said.
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