Bursa Malaysia Securities publicly reprimands, fines three dealers

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded, fined and ordered to strike off three dealer's representatives (DRs) for engaging in manipulative dealing activities in the securities of Rapid Synergy Bhd and YNH Property Bhd.
In a statement last Friday, Bursa said that the dealers - Tiong Siew Ngaik of Kenanga Investment Bank Bhd, Yew Hock Ming (RHB Investment Bank Bhd) and Ling Chen Yew (Affin Investment Bank Bhd) - were fined RM859.000, RM423,000 and RM310,000 respectively for both cases.
According to Bursa Securities, the trio had engaged in manipulative/false trading activities of Rapid and YNH shares through numerous accounts of a group of their clients (some of them were common clients of the three DRs) over a prolonged period.
"These activities had created a false or misleading appearance of active trading in, the market for and/or the price of the securities (false/misleading appearance) of these two counters," it said.