Page 209 - SC Annual Report 2018 (ENG)

Securities
Commission
Malaysia
ANNUAL
REPORT
2018

Table 8
outcome of civil action taken (Continued)

Nature of
No. Defendants Description Outcome
breach
2. • False trading • Kenneth Vun On 22 July 2014, the SC filed a On 1 March 2018, the High Court
and market @ Vun Yun civil suit against the 7 Defendants. recorded a Consent Judgment
rigging Liun The SC sought, among others: between the SC and all the
transaction • Teng Choo Defendants granting the following
Teik • A declaration that the orders:
• Stock market • Simon Ling defendants had engaged
manipulation Siang Hock in false trading and market • The Defendants shall jointly and
• Lye Pei Ling rigging transactions in respect severally pay the sum of
• Chuah Hock of DVM shares from 14 March RM3,823,231.92 which consist
Soon 2006 until 21 March 2006; of:
• Choong Lay • A declaration that the • Special damages of
Ti defendants had engaged in stock RM3,073,231.92; and
• Gui Boon market manipulation in respect • A civil penalty of RM750,000.
Huat of DVM shares from 14 March • The Defendants shall not hold
2006 until 21 March 2006; office as directors in any PLC for
• A declaration that all profits a period of 5 years;
earned by the defendants • The Defendants shall not,
are held on constructive trust whether by themselves, their
for the benefit of affected agents, servants or otherwise
investors; howsoever, trade in any
• Order that all assets and securities on Bursa Malaysia for
properties of each defendant a period of 5 years;
be traced and followed and • In the event of default in any
then paid to the SC for the of the terms of the Consent
purpose of compensating Judgment, the Defendant(s) in
affected investors; default shall be liable to pay a
• An order that each defendant civil penalty of RM1 million to
be barred from being a director the SC, and the SC will be at
of any PLC for a period of 5 liberty to take the necessary
years; actions to execute or enforce
• An order to restrain each the Consent Judgment against
defendant/their agents/servants the Defendant(s) in default;
or otherwise howsoever from • The SC is at liberty to publish
trading in any counter on Bursa the terms of the Consent
Malaysia for a period of 5 Judgment on the SC website
years; and/or in the SC Annual Report
• Special damages of and/or in any other publication
RM3,073,231.92; the SC deems fit; and
• Civil penalty of RM1 million • The Consent Judgment
against each of the defendants; shall constitute full and final
• General and/or aggravated settlement of the SC’s claim
and/or exemplary damages; against the Defendants.
• Interest; and
• Costs.

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