Selangor Journal

Two former company officers jailed, fined RM2 mln each for unlicensed derivatives dealing

KUALA LUMPUR, Dec 13 — Two former officers of Jalatama Management Sdn Bhd (Jalatama) were each jailed for a year and fined RM2 million by the Sessions Court here today after being found guilty of two charges of dealing in derivatives, a regulated capital market activity, without a licence.

The Securities Commission of Malaysia (SC) in a statement informed that Judge Ahmad Kamar Jamaluddin meted out the sentences against Su Eng Kooi and Yap Choong Seong, both 47, after going through a full trial.

According to the SC, the offence was committed between July 2011 and Sept 2013 according to Section 58(1) of the Capital Markets and Services Act 2007 (CMSA) read together with Section 367(1) of the same Act.

“Each of the accused was convicted and sentenced to one-year imprisonment and a fine of RM1 million (in default, a further one-year imprisonment) for each of the two charges.

The court ordered for the jail terms for each accused person to be served concurrently,” read the statement, adding that the two were first charged on July 5, 2017.

Meanwhile, the SC reminded the public that dealing in derivatives was a regulated activity and it required a licence from SC under the CMSA.

SC also advised investors to verify the licence or registration information of individuals, companies and platforms offering capital market services or products before deciding on investment opportunities.

“They should also check the SC’s Investor Alert List, which is constantly updated to warn investors of identified companies or individuals that carry out unlicensed investment activities or scams,” it added.

— Bernama

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