SC issues cease and desist directive to Quantum Metal

PETALING JAYA: The Securities Commission (SC) yesterday has directed Datuk Lim Khong Soon @ Lim Hock Seng, the founder and director of Quantum Metal Exchange Inc (QMEI), to immediately cease and desist the offering of QMEI shares to the Malaysian public.

The QMEI share offering, which is currently ongoing, contravenes the relevant requirements under securities laws, the SC said in a statement.

The cease-and-desist directive was issued following the SC’s findings that QMEI is offering its shares to the Malaysian public, including via the Quantum Metal Sdn Bhd’s (QMSB) website/platform to QMSB members.

This was carried out without seeking recognition and registering a disclosure document with the SC which is in contravention of Section 212 (5) of the Capital Markets & Services Act 2007.

Consequently, the SC has also placed QMEI with its relevant details on the SC’s Investor Alert List http://www.sc.com.my/investor-alert.