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KUALA LUMPUR: Bursa Malaysia Securities has publicly reprimanded and fined a remisier Teo Chee Cheong of RM 74,500 for manipulating the trading activities of the shares of eight companies.
The regulator said in a statement Tuesday that it had also suspended Teo for 10 months.
The eight companies in which he had engaged in manipulative business activities were Malaysia Building Society Bhd
, Nexchange Bhd Trade, 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 manipulative / fake market trading activities involving the manipulation of the order book (manipulative / fake market trading activities) in the securities of the relevant counters on numerous trading days spanning a period of about a year, “he said.
Bursa Securities also said that despite the business concerns raised by Bursa Securities and TA’s actions (including instructions to stop his fake / manipulative business activities and a suspension imposed by TA, Teo continued to engage in the fake / manipulative business activities in more counters).
“Teo only stopped the fake / market manipulative trading activities after Bursa Malaysia Securities issued a reminder and TA suspended it.
“Teo’s recalcitrant behaviors showed a reckless / indifferent attitude and blatant disregard for the Bursa Malaysia Securities Rules and the various business concerns raised / actions by Bursa Malaysia Securities and TA,” he said.
Bursa Securities said the sanctions were imposed on Teo having considered, among others: (a) the severity, scope and impact of the violation, including Teo’s recalcitrant conduct; (b) the profits generated by Teo from the fake market / manipulative business activities; and (c) Teo’s cooperation with Bursa Securities in enforcement actions against him by admitting / not contesting the breach.
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