Two fined for involvement in multiple IPO share applications

Wednesday July 8, 2009
Two fined for involvement in multiple IPO share applications


KUALA LUMPUR: The Kuala Lumpur Session Courts yesterday fined Yunus M. Haniff and Ramly Hussain RM25,000 each for using third party names in a multiple initial public offering (IPO) share application scheme.

In a statement, the Securities Commission (SC) said both Yunus and Ramly were fined after having pleaded guilty to offences under Section 9 (1) of the Securities Industry (Central Depositories) Act 1991 for failing to comply with Rule 26.02 of the Malaysian Central Depository Sdn Bhd rules.

The said rule provides that no person shall maintain more than one CDS account at any authorised depository agent/stockbroking company, the SC said.

The prosecution against Yunus and Ramly was initiated in 2005 after their failure to pay a compound meted by the SC, it added. — Bernama