Bursa Securities fines and suspends two dealers for unlawful trading activities

TheEdge Wed, Nov 16, 2022 10:41pm - 1 year View Original


KUALA LUMPUR (Nov 16): Bursa Malaysia Securities Bhd has publicly reprimanded, fined and suspended two dealer representatives for engaging in prohibited short selling activities in the accounts of three clients.

The two, Mooi Weng Hou and  Kwan Chun Han, were commissioned dealer representatives of RHB Investment Bank Bhd at its Pandan Indah branch office at the time of the offence, Bursa Securities said in a statement.  

Mooi was fined RM94,500 and suspended for six months from being a registered person of Bursa Securities, while Kwan was fined RM25,000 and suspended for three months from being a registered person.

In addition, both of them were required to undergo training on the conduct or professionalism of dealer’s representatives and market offences.

Bursa said during the relevant period of one month, Mooi had executed and instructed Kwan to execute numerous instances of intraday short selling (IDSS) trades involving substantial volume in nine counters that were among stocks approved for short selling.

These nine counters are Anzo Holdings Bhd, AT Systematization Bhd, Bioalpha Holdings Bhd, Careplus Group Bhd, Comfort Gloves Bhd, Waja Konsortium Bhd (formerly known as Connect County Holdings Bhd), PDZ Holdings Bhd, Vsolar Group Bhd and CW Hang Seng Index.

Mooi also executed and instructed Kwan to execute numerous instances of IDSS trades involving substantial volume in Supermax Corp Bhd and Top Glove Corp Bhd at a time when IDSS was suspended by the stock exchange.

Bursa Securities said Mooi also instructed Kwan to conduct numerous prohibited short sales involving substantial volume in Comfort Gloves and PDZ, as well as numerous unpermitted IDSS trades involving substantial volume in Supermax.

“Bursa Malaysia Securities views seriously misconduct that impinge on the professional conduct of registered persons and compromise clients’ protection as such misconduct may adversely affect and damage market integrity and public confidence,” it said. 

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

9342 0.000
AT 0.200
BIOHLDG 0.095
BURSA 9.990
CAREPLS 0.305
COMFORT 0.465
PDZ 0.050
SUPERMX 0.925
TOPGLOV 1.240
VSOLAR 0.100
WAJA 0.085

Comments

nazr zach
2 Like · Reply
The two, Mooi Weng Hou and  Kwan Chun Han, were commissioned dealer representatives of RHB Investment Bank Bhd at its Pandan Indah branch office are KLSE certified connman. Thank you Mooi, Kwan!! Do some more. We like.
Afiffuddin Abdul Aziz
1 Like · Reply
The fine are too small compare the wins to short
Ric R
1 Like · Reply
You're right Bursa. Their actions are serious misconduct and damage market integrity and public confidence.
They should be banned for life from the securities industry, not just suspended for 3/6 months. Bursa should come down hard on these so-called "trained professionals". Btw, does Bursa pocket the fines like they did with Serba?
I suggest Bursa distribute the fines to all affected shareholders on pro-rata basis.
Show more

Login to comment.