Bursa Malaysia reprimands, fines Ong Kai Boon for manipulative trading activities

KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded, imposed a fine of RM409,000 and ordered to strike off Ong Kai Boon from the register as a registered person (RP) of Bursa Malaysia Securities for engaging in manipulative trading activities of order book manipulation in the shares of 11 counters.

Bursa said in a statement today that the 11 counters are INIX Technologies Holdings Bhd; INIX – Warrants A; K-One Technology Bhd; Vivocom International Holdings Bhd; Gets Global Bhd; Bintai Kinden Corporation Bhd; Sino Hua-an International Bhd; Solution Group Bhd; Melewar Industrial Group Bhd; Lion Industries Corporation and HPP Holdings Bhd.

“Ong, who was at the material time of the breach a salaried dealer’s representative of Kenanga Investment Bank Bhd at its principal office, had contravened and/or triggered the provisions of Rules 5.01(a) & (b) of the Rules of Bursa Malaysia Securities read together with paragraphs 1.1(1)(e) & (h) of Directives No. 5-001 of the Participating Organisations’ Directives and Guidance (POs’ Directives) and Rules 3.14(d), (e) & (g) of the Rules of Bursa Malaysia Securities.

“Bursa Malaysia Securities places strong emphasis on the need to maintain an orderly and fair market, and will not tolerate any acts or practices which could lead to false trading, manipulative activities and/or compromise the integrity of the market,” it said.

Bursa Malaysia Securities said it will also not hesitate to take appropriate and severe actions, including suspension/striking off a RP from the register and imposition of fines which commensurate with the severity of the breach.

-- BERNAMA