The Securities Commission Malaysia (SC) has charged two officers of Jalatama Management Sdn Bhd for carrying out a business of dealing in derivatives without a licence.
In a statement yesterday, the regulator noted Su Eng Kooi, 42, and Yap Choong Seong, 42, were charged in the Kuala Lumpur Sessions Court under Section 58(1) read together with Section 367(1) of the Capital Markets Services Act 2007 (CMSA). Both claimed trial.
The offences were allegedly committed between July 2011 and September 2013.
Su was arrested in Kuala Lumpur earlier yesterday morning while Yap, a Singaporean, was arrested in Singapore on Monday with the assistance of the Royal Malaysian Police and the Singapore Police Force.
Kuala Lumpur Sessions Court Judge Zaman Mohd Noor fixed bail at RM30,000 with two sureties for Su, and ordered him to surrender his passport and report to the nearest police station twice a month until the end of the trial. Yap was granted bail of RM150,000 with two sureties.
The case will be mentioned on Aug 8 and Aug 9 for Yap and Su respectively.
An offence under Section 58(1) of the CMSA carries a maximum fine of RM10 million, or imprisonment for a term not exceeding 10 years, or both.
In 2013, SC had warned the public that Jalatama was not licensed by the regulator to solicit monies or to deal in derivatives, and subsequently raided its offices in an investigation into suspected breaches of securities laws. — TMR