KUALA LUMPUR: Bursa Malaysia has publicly reprimanded, imposed a fine of RM48,000 and suspended Hazni Othman for five months as a registered person of Bursa Malaysia.
This is for engaging in manipulative trading activities of Hap Seng Consolidated Bhd
shares.
Hazni was also required to undergo training on conduct or professionalism of dealer’s representatives/market offences, said the stock exchange operator in a statement yesterday.
Hazni, who was at the material time of the breach a salaried dealer’s representative of Affin Hwang Investment Bank Bhd at its principal office, had contravened and/or triggered the provisions of Rules 3.14(d), (e) & (g), 5.01(a) & (b) and 15.09(a) & (g) of the Rules of Bursa Malaysia Securities and Paragraphs 1.1(1)(a), (b), (e) & (h) of Directives No. 5-001 of the Participating Organisations’ Directives and Guidance (Directives No. 5-001).
The breaches by Hazni were in relation to the manipulative trading activities in the securities of Hap Seng.
This was undertaken through the trading account of a corporate client of Affin Hwang Investment Bank over a period of 12 months which displayed manipulative characteristics.
This included the activities of influencing the theoretical closing price (TCP) during the pre-closing phase where buy orders were entered at prices higher than the last traded price or the prevailing TCP which had influenced/dictated/contributed to Hap Seng’s share price to increase and closed higher and/or prevented the price from closing lower.
“Bursa Malaysia places strong emphasis on the need to maintain a fair and orderly market.
“It will not tolerate any acts or practices which could lead to false trading, manipulative activities and/or compromise the integrity of the market,” Bursa Malaysia said.
It added that Bursa Malaysia would not hesitate to take appropriate actions against anyone who engages in such misconducts which commensurate with the severity of the breach.
This includes suspension/striking off a registered person from the register and imposition of fines. — Bernama
