Terence Wong 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 between July 15 and 22, 2011.
KUALA LUMPUR: A former head of research at CIMB Equities Research Terence Wong @ Huang Thar-Rearn has entered into a settlement with the SC in the sum of RM573,150 over the purchase of 800,000 Malaysia Airlines Bhd in July 2011.
The SC said on Friday that on April 1, Wong had 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 between July 15 and 22, 2011.
The regulator said the purchase was through the account of Tan Ah Loy @ Tan May Ling whilst in possession of inside information contrary to section 188(2) of the Capital Markets and Services Act 2007 (CMSA).
“The settlement was reached following a letter of demand sent by the SC pursuant to its civil enforcement powers under the securities laws.
“The amount disgorged from Terence Wong 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.
Limited time offer:
Just RM5 per month.
