KUALA LUMPUR, March 19 — Bursa Malaysia Securities Bhd has imposed a fine of RM312,000 on a salaried dealer’s representative for allegedly engaging in manipulative dealing activities in companies since last year.
In a statement today, Bursa Malaysia also ordered to strike off Tan Kai Kiat from the register if he was still a registered person of bourse.
Tan, at the material time of the breach, was a salaried dealer’s representative of HwangDBS Investment Bank (HDBS) in Penang.
Bursa Malaysia said Tan failed to act honestly, fairly and observe the standards of integrity in undertaking dealing activities in the investment account of HDBS over a period of nine months.
“The manipulative and false trading activities by Tan had created false and misleading appearance in the relevant securities in regards to the trading activities in market for the price of these securities.
“This includes giving rise of artificial inflated volume through the cross trades done at prices which were being determined by him,” it said.
It said the cross trading activities were undertaken by Tan with dishonest intent to benefit his family members by ensuring profitable trades in their accounts to the detriment of HDBS’ IVT Account which suffered losses arising from the dealings. — Bernama
