KUALA LUMPUR, March 24 — The Securities Commission Malaysia (SC) has directed Quantum Metal Exchange Inc (QMEI) founder and director Datuk Lim Khong Soon @ Lim Hock Seng to immediately cease and desist the offering of QMEI shares to the Malaysian public.

The regulator said the cease-and-desist directive was issued following 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.

"The QMEI share offering, which is currently ongoing, contravenes the relevant requirements under securities laws.

"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,” it said in a statement today.

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 . — Bernama