Remisier fined RM75,000 and suspended for manipulative trading activities


  • Markets
  • Tuesday, 08 Sep 2020

“Teo’s recalcitrant conducts showed a reckless/lackadaisical attitude and a blatant disregard of the Rules of Bursa Malaysia Securities and the various trading concerns raised/actions by Bursa Malaysia Securities and TA, ” it said.

KUALA LUMPUR: Bursa Malaysia Securities has publicly reprimanded and fined a remisier Teo Chee Cheong RM74,500 for manipulating the trading activities in the shares of eight companies.

The regulator said in a statement on Tuesday it had also suspended Teo 10 months.

The eight companies in which he had engaged in manipulative trading activities were Malaysia Building Society Bhd, Dagang Nexchange Bhd, Hibiscus Petroleum Bhd and Dagang Nexchange Bhd-Warrants.

The others are Johan Holdings Bhd, Sapura Energy Bhd, UMW Oil & Gas Corporation Bhd (now known as Velesto Energy Bhd) and Sino Hua-an International Bhd.

“Teo had engaged in false market/manipulative trading activities involving order book manipulation (false market/ manipulative trading activities) in the securities of the relevant counters on numerous trading days that spanned over a period of about one year, ” it said.

Bursa Securities also said despite trading concerns raised by Bursa Securities and actions by TA (including instructions to cease his false market/ manipulative trading activities and a suspension imposed by TA, Teo continued engaging in the false market/manipulative trading activities in more counters.

“Teo only stopped the false market/ manipulative trading activities after a reminder was issued by Bursa Malaysia Securities and another suspension by TA.

“Teo’s recalcitrant conducts showed a reckless/lackadaisical attitude and a blatant disregard of the Rules of Bursa Malaysia Securities and the various trading concerns raised/actions by Bursa Malaysia Securities and TA, ” it said.

Bursa Securities said the sanctions were imposed on Teo having considered, amongst others:(a) the severity, extent and impact of the breach including Teo’s recalcitrant conducts; (b) the profits generated by Teo from the false market/ manipulative trading activities; and (c) Teo’s co-operation with Bursa Securities in the enforcement actions against him by admitting/not disputing the breach.

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