Page 212 - SC Annual Report 2018 (ENG)

Securities
Commission
Malaysia
ANNUAL
REPORT
2018

Table 9
Regulatory settlements in 2018 (Continued)

No. Insider trading Offender(s) Description

3. Insider trading Dato’ Lim Lean On 18 October 2018, Dato’ Lim LH entered into a settlement with
Heng the SC in the sum of RM666,900.00 when he agreed without
(Dato’ Lim LH) admission or denial of liability to settle a claim that the SC was
proposing to institute against him for acquiring 727,000 units
of Hirotako Holdings Bhd (Hirotako) shares in the account of
Bright Memory Sdn Bhd while in possession of inside information
contrary to section 188(2)(a) of the CMSA.
InvestSmart ®
The inside information was in relation to a proposed take-over
offer by MBM Resources Bhd to acquire all voting shares and Fest 2018
outstanding warrants in Hirotako.

The settlement was reached following a letter of demand sent
by the SC pursuant to its civil enforcement powers under the
securities laws, where the sum that Dato’ Lim LH was required to
disgorge was equivalent to 2.5 times the difference between the
price at which the shares were acquired and the price at which
the shares would have been likely to have been acquired at the
time of the acquisition, if the information had been generally
available. The monies recovered will be applied in accordance with
section 201(7) of the CMSA.

202 | PART 5 »» STATEMENTS, STATiSTiCS ANd ACTiviTiES

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