Thursday April 5, 2012
Securities Commission settles case for RM232,320
PETALING JAYA: An individual has to fork out over RM200,000 after a settlement with the Securities Commission over a claim that the regulator was proposing to institute against her for insider trading.
In an update on its website on Tuesday, the SC said it entered into a settlement with Lim Chin Chin on Feb 3 this year in the sum of RM232,320 when she agreed without admission or denial of liability to settle the claim.
This relates to trading in the shares of Sin Chew Media Corp Bhd between Jan 29, 2007, and Jan 30, 2007.
According to the SC, the trading was contrary to Section 89E(3)(a) of the Securities Industry Act 1983.
The regulator said the settlement was reached after it had sent a letter of demand pursuant to its civil enforcement powers under the securities laws.
The sum Lim was required to disgorge was equivalent to three times the gains made by Ong Sew Teng and Chong Hiong Lim in connection with their trades in Sin Chew shares.
Last October, the SC entered into settlements with Ong and Chong in relation to cases similar to Lim’s.
Ong settled in the sum of RM71,280, while Chong had to pay RM161,040.
The SC did not explain the link between Lim’s case and those of Ong and Chong.